OPEC+ signals production increase, oil futures plummet to four-month low

OPEC+ signals production increase, oil futures plummet to four-month low

Oil futures prices dropped to a four-month low.
Published on: 

Oil futures prices dropped to a four-month low as OPEC+ plans to increase production starting Q4 2024. Brent futures closed at $78/barrel, with spreads shrinking. OPEC+ extended output cuts till Sept 2024, then gradually lifts them. The move aims to reclaim market share lost to rivals, signalling a strategic shift.

Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.

By John Kemp

Oil futures prices have fallen to the lowest level for four months and calendar spreads have slumped after OPEC+ ministers signalled their intention to start increasing production from the fourth quarter of 2024.

___STEADY_PAYWALL___

Loading content, please wait...

Related Stories

No stories found.
BizNews
www.biznews.com