Oil production increases by OPEC+ members to be delayed.

• According to delegate sources and internal documents, the OPEC+ oil producers' alliance has delayed plans to reduce several formal and voluntary crude production cuts due to a weak global demand outlook.
• Although the Middle Eastern region, rich in hydrocarbons, faces production cuts and ongoing conflict, global oil prices have remained low due to a weak demand forecast.

The OPEC+ alliance has delayed the implementation of plans to reduce crude production cuts until 2026 due to a weak global demand outlook, according to sources and internal documents.

The sources could only speak anonymously because of the sensitivity of talks.

The OPEC+ coalition has extended its production restriction to 39.725 million barrels per day until December 31, 2026, from the previous quota that was only applied throughout 2025.

OPEC+ members will extend their 2.2 million-barrel-per-day voluntary production decline into the first quarter and begin incrementally hiking production between April and September 2026. Additionally, several OPEC+ members will postpone the unwinding of a second 1.7-million-barrels-per-day cut until the end of next year, which was previously only set to last through 2025.

Although the Middle Eastern region, rich in hydrocarbons, faces production cuts and ongoing conflict, global oil prices have remained low due to a weak demand forecast.

The imminent return of President-elect Donald Trump to the White House, who campaigned on promises to increase the output of the world's largest oil producer, is adding to geopolitical uncertainty.

This breaking news story is being updated.