Opec+ on Sunday agreed that most of its members would extend their deep oil production cuts well into 2025 as the group seeks to bolster the market amid lacklustre demand growth, high interest rates and increasing US crude output.
Brent crude prices have been trading near $80 per barrel in recent days, below what many Opec+ members need to balance their budgets. Meanwhile, worries over slow demand growth in number one oil importer China have weighed on prices alongside rising oil stocks in developed economies, according to Reuters.
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