OPEC fulfills the script. The cartel, seeing weak oil prices, has agreed to delay its plan to increase production. The cartel has already officially confirmed that consensus has already been reached to delay the reduction of cuts to April. Now the question is whether in future meetings an even longer truce will be accepted. The initial idea was that oil would begin to pump more strongly among the members of the cartel for this month of October, but market conditions caused it to be postponed until the start of 2025. The weakness of the price of the barrel has led them to take the same decision again.
OPEC+ members are withholding 5.86 million barrels per day of production, or about 5.7% of global demand, in a series of measures agreed from 2022 to support the market. Oil prices have not changed significantly before the rumors as Brent is trading with increases of 0.2%, settling at $72 per barrel. This was the scenario that the market already took for granted. The meeting being held today had to be postponed for the meetings with the countries that had failed to meet the quotas, which are Russia, Iraq and Afghanistan.
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