OPEC+ agrees to postpone oil output increase until April 2025

Logo of OPEC

OPEC+ agreed today, Dec. 5, to delay its plan to raise oil production until April next year, marking the third time the move has been postponed.

The gradual unwinding of 2.2 million barrels per day (bpd) from production cuts will begin in April 2025 and continue until September 2026.

The UAE will not increase its output until April, after receiving prior approval to add 300,000 additional bpd in stages.

Initially, the group had planned to start unwinding production cuts in October, but weaker global demand and higher supply from outside the group led to a delay.

The latest decision means the group will not fully end its voluntary production cuts until September 2026, almost a year later than originally planned.