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OPEC+ postpones production increase
Economic 2024/11/05
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Oil prices rose by more than a dollar in early trading after the OPEC+ group said it would postpone a planned production increase in December for a month due to weak demand and increased supply from outside the group.
Brent crude futures rose $1.18 a barrel, or 1.16 percent, to $74.82 a barrel by 0121 GMT. US West Texas Intermediate crude rose $1.02 a barrel, or 1.73 percent, to $70.69, according to Reuters data.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, was scheduled to raise production in December by (180) thousand barrels per day.
This means that the group will extend its cut of (2.2) million barrels per day for another month, after it had already postponed increasing production from October due to low prices and declining demand.
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