OPEC+ Holds Production Cuts as Oil Trades Near $80
OPEC+ members confirmed they will maintain existing production cut agreements through year-end, keeping Brent crude near $80.
OPEC+ members confirmed at their ministerial meeting that they will maintain existing production cut agreements through year-end, keeping the cartel's supply discipline intact. Saudi Arabia and Russia led the consensus for continued restraint despite calls from smaller members to increase output. US oil output hit a record 13.3 million barrels per day, while Brazil, Guyana, and Canada expand production. Brent settled at $81.40, up 1.2%, while WTI traded at $77.80. Goldman Sachs maintained its year-end Brent forecast of $87, citing constrained supply and resilient Asian demand as supportive factors.
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