OPEC+ maintains current oil production strategy at October 2 meeting amid price declines.

OPEC+ is not expected to change its oil production strategy at the October 2 meeting, despite recent price declines. Currently, the group is cutting output by 5.86 million barrels per day, with plans to gradually unwind some cuts starting in December. Compliance among member nations, particularly Iraq and Kazakhstan, is a key concern, as lack of adherence could lead to faster reductions in cuts. Market uncertainties continue to impact the oil landscape.

October 01, 2024
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