OPEC+ Delays Revival of Its Oil Production by Three Months [Yahoo! Finance Canada]
Citigroup, Inc. (C)
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Source: Yahoo! Finance Canada
(Bloomberg) -- OPEC+ delayed the revival of its oil production by three months, delegates said, the third time it's deferred the move while crude prices struggle amid a looming surplus. Most Read from Bloomberg The group led by Saudi Arabia and Russia pushed back the series of supply increases, which had been due to begin with a hike of 180,000 barrels a day in January. It will instead start in April and unwind the cuts at a slower place than previously planned, according to one delegate who asked not to be named because the information isn't public. The Organization of Petroleum Exporting Countries and its partners had first announced in June that they would restore output halted since 2022, reviving 2.2 million barrels per day in monthly tranches. But its plans have been thwarted as oil demand falters in top consumer China, while supplies boom from the US, Brazil and Canada. Global markets face a surplus in 2025 even if OPEC+ doesn't add a single barrel, according to the Inte
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