‘OPEC+ considers extension of oil cuts’

Saudi Arabia is reportedly leaning toward extending its one million barrel per day oil production cut into the next year in response to declining oil prices

Reports suggest that Saudi Arabia is gearing up to extend its oil production cuts into the next year, considering additional reductions as a response to declining oil prices and growing dissatisfaction over the Israel-Gaza conflict.

According to the Financial Times, with prices hitting a four-month low at $77 (£61.6) a barrel, sources familiar with the Saudi Government’s discussions indicated a high likelihood of extending the current one million barrel per day cut, possibly until spring.

Originally implemented as a temporary measure during the summer, the voluntary cut, part of broader measures by OPEC+, is set to expire at the end of this year.

It is emphasised that no final decision has been reached, according to individuals close to Saudi considerations.

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