OPEC+ has extended its efforts to defend oil prices, agreeing to delay the end of its current production cuts by nine months. The group, led by Saudi Arabia and Russia, will now unwind its production cuts from April 2025 until September 2026, a move that was initially expected to occur in March 2024. This decision aims to stabilize the global oil market and mitigate the impact of rising production costs on prices.
Source: https://www.bloomberg.com/news/articles/2024-12-05/opec-braces-for-a-much-longer-mission-to-defend-oil-prices