Oil Under Pressure Following OPEC+ Cuts, Heads for 1.5% Weekly Loss
Oil prices fell on Friday, with demand concerns in focus after OPEC+ postponed planned supply increases and extended deep production cuts through the end of 2026.
Brent crude futures were down 20 cents, or 0.3%, at $71.89 per barrel, while U.S. West Texas Intermediate (WTI) futures lost 14 cents, or 0.2%, to $68.16. For the week, Brent was on track to lose 1.5%, while WTI was poised for a modest 0.2% gain.
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On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, delayed the planned increase in crude production by three months to April and extended the full withdrawal of cuts by one year to the end of 2026.
OPEC+ Cuts Policy
OPEC+, which accounts for nearly half of global oil production, had initially scheduled the gradual rollback of cuts to begin in October 2024. However, weaker global demand—particularly from China—and increased production from non-OPEC nations have forced the group to delay the plan multiple times.
The outcome of the latest OPEC+ meeting positively surprised us. The extension of production cuts shows the group’s unity and commitment to maintaining balance in the oil market.
Oil Outlook
Despite market expectations, analysts anticipate that declining oil inventories this year and a tightly balanced market in 2025 will support prices in the coming months. The bank projects Brent to average $80 per barrel next year.
Over the past month, Brent has traded within a narrow range of $70 to $75 per barrel, as investors weigh signs of weak Chinese demand against heightened geopolitical risks in the Middle East.
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