OPEC+ has decided to prolong its voluntary oil production cuts of 2.2 million barrels per day (bpd) until March 2025 in a bid to stabilize the global oil market. This decision, which impacts several key oil-producing nations, aims to maintain a balance in the oil sector amidst fluctuating demand and economic uncertainties. Saudi Arabia will continue with its significant cut of 1 million bpd, while Russia has also pledged to maintain its cut of 500,000 bpd, with both countries reaffirming their commitment to these reductions as part of a broader strategy to regulate oil supply.
