- Reuters Citing OPEC+ Sources
LONDON/MOSCOW, Dec 2 (Reuters) - OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market.
OPEC+, which pumps about half the world's oil, has been gradually aiming to unwind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices.
"It is likely that this reduction will be extended for the first quarter," one of the sources told Reuters. All of the sources declined to be identified by name.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, meets on Thursday to decide its output strategy.
Despite the group's supply cuts, global oil benchmark Brent crude LCOc1 has mostly stayed in a $70 to $80 per barrel range this year and on Monday was trading around $72 a barrel, having hit a 2024 low below $69 in September.
OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market.
An output hike of 180,000 bpd - a fraction of the total - was due to come in January from the eight members involved in OPEC+s most recent cuts of 2.2 million bpd. The hike has been delayed from October due to falling prices.
