OPEC+ members decide to postpone production increase until April, keeping oil prices stable.
- Until April 2025, eight OPEC+ members will maintain production cuts of 2.2 million barrels per day, according to two delegate sources who spoke to CNBC.
- The cuts were originally supposed to start phasing out in December.
On Thursday, oil prices remained unchanged, as OPEC+ members decided to postpone their plans to increase production.
At 8:26 a.m. ET, U.S. crude oil decreased by 2 cents, or 0.03%, to $68.52 per barrel. Meanwhile, Brent crude futures also decreased by 4 cents, or 0.06%, to $72.27 per barrel.
Until April 2025, eight OPEC+ members will maintain production cuts of 2.2 million barrels per day, according to two delegate sources who informed CNBC. The cuts were initially scheduled to begin phasing out in December.
Markets
You might also like
- Delinquencies are on the rise while a record number of consumers are making minimum credit card payments.
- U.S. economy state weighs on little changed treasury yields.
- European markets predicted to sustain positive growth.
- Trump hints at imposing a 10% tariff on China starting in February.
- David Einhorn believes we are currently in the "Fartcoin" phase of the market cycle.