OPEC extends its oil output cuts by one month until the end of December

[BumRushDaShow]

Source: ABC News/AP

November 3, 2024, 5:47 PM


Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.

No reason was given for the move, which comes ahead of the U.S. presidential election on Tuesday.

In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC later extended the cuts until November.

On Sunday, the group, which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, extended the cuts again by one month until the end of December. The announcement was made on the website for the OPEC+ alliance.

Read more: https://abcnews.go.com/Business/wireStory/opec-extends-oil-output-cuts-month-end-december-115451605

[highplainsdem]

1. "No reason was given" because it's transparently a delay so Trump, if elected, can claim credit if they

increase production in January. One last favor for him from the Saudis and Putin especially.

[BumRushDaShow]

2. They were unable to negate the effects of the U.S. oil industry unleashed

And their cuts were done to get the price closer to $100/bbl by cutting the global supply. However that never happened thanks to that U.S. record output.

They have been dealing with a glut now, despite the MAGAworld fictional universe insisting the U.S. "isn't drilling".