A view of the Organization of the Petroleum Exporting Countries (OPEC) logo during the United Nations climate change conference COP29 in Baku, Azerbaijan, November 13, 2024.
Maxim Shemetov | Reuters
The eight members of the OPEC+ oil producer alliance will delay plans to voluntarily cut production by 2.2 million barrels per day until April 2025, two representative sources told CNBC on Thursday.
The sources could only speak on condition of anonymity due to the sensitive nature of the negotiations.
Previously, this production reduction plan was to be phased out starting in December.
It is one of two voluntary production cuts implemented as part of the organization, with several OPEC+ members also cutting production by 1.7 million barrels per day. The broader OPEC+ alliance has capped total output next year at 39.725 million barrels per day (bpd), according to its formal output strategy.
While these production cuts and ongoing conflict threaten the hydrocarbon-rich Middle East, global oil prices have remained depressed for much of this year, weighed down by a tepid demand outlook.
President-elect Donald Trump’s impending return to the White House has heightened geopolitical uncertainty.
This breaking news story is being updated.
