Production Cuts Extended
OPEC+ members have agreed to extend their voluntary production cuts through the second quarter of 2026, in a move designed to stabilize global oil markets and support prices.
Key Decisions
- Saudi Arabia to maintain 1 million bpd voluntary cut
- Russia commits to 500,000 bpd reduction
- UAE granted slight increase in baseline production
The decision comes amid mixed signals about global oil demand, with economic growth concerns in China balanced against resilient consumption in the United States.
Market Reaction
Brent crude futures rose 2.1% following the announcement, while WTI gained 1.8%. Analysts expect prices to remain supported in the near term as supply tightens.