The Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will prolong the unwinding of production cuts until 2026, The current timeline for the unwinding plan was set to run from January to December of next year. The United Arab Emirates is set to see a gradual increase of 300,000 barrels to its oil production baseline, beginning in January 2025, to be implemented over a nine-month period.
Markets not “BUYING” into the latest cuts
The price of crude oil for front-month settlements dipped on Friday after data on industrial production in Germany rekindled concerns about the commodity’s consumption in Europe’s largest economy. West Texas Intermediate (WTI) for January contracts f $67.22 a barrel. Brent for February deliveries declined by to $71.05 per barrel.