Oil traders - OPEC+ announced it will delay planned December output increase by one month ...Middle East

Weekend news:OPEC+ agrees to delay December oil output increaseIn summery from the cartel's statement:Eight OPEC+ countries (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) extended their November 2023 voluntary production cut of 2.2 million barrels per day through December 2024.The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance, with a deadline of September 2025 for compensating overproduction since January 2024.Iraq, Russia, and Kazakhstan reaffirmed their adherence to the production adjustment and compensation schedule. This article was written by Eamonn Sheridan at www.forexlive.com.

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