OPEC+ Delays Oil Production Boost Amid Global Market Challenges

OPEC+ has decided to postpone increasing oil production due to weaker demand and competition from non-allied producers. Originally scheduled for 2025, the production boost is now delayed until 2026. This decision is influenced by slack demand from China and increased supply from non-OPEC countries.

Eight members of the OPEC+ oil exporting alliance have decided to delay increasing oil production, citing weaker than expected demand and rising competition from non-member countries.

The group, which includes key players like Saudi Arabia and Russia, agreed to push back their planned output increases by three months in an online meeting.

This move follows a period of lackluster oil prices, influenced by low demand from China and heightened production from countries like Brazil, benefiting US motorists with lower gasoline prices.

(With inputs from agencies.)