The Opec+ ‘Group of Eight’ has extended its planned phase-out of 2.2mn b/d in voluntary production cuts to January.
The plan, first laid out in June (MEES, 7 June), called for an initial 180,000 b/d increase from October, subsequently pushed back by two months to December (MEES, 6 September). The second deferral comes amidst lingering bearish market sentiment and expectations of lower global oil demand growth and ample supply into next year. (CONTINUED - 1064 WORDS)
