OPEC+ Extends Production Cuts Until 2026: Implications Ahead

The OPEC+ alliance, led by Saudi Arabia and Russia, has announced a three-month delay in the reactivation of oil production, now set to begin in April 2024 instead of January. This extension of production quotas will remain in effect until the end of 2026, as the group navigates a challenging market characterized by an impending surplus of crude oil.