Oil prices rise as OPEC+ delays production increase
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 05 2024
0mins
Source: CNBC
OPEC+ Production Cuts: Oil prices increased as OPEC+ members, led by Saudi Arabia and Russia, agreed to extend voluntary production cuts of 2.2 million barrels per day until March 2025, with gradual reductions planned until September 2026.
Market Challenges: Despite these cuts, the International Energy Agency warns that global oil supply may exceed demand by 1 million barrels per day next year due to weak demand in China and high U.S. production.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
