As OPEC+ seeks to support the market amid low demand growth, high interest rates, and increased competing American production, it agreed on Sunday to extend most of its major cuts in the oil production until 2025.

Following the extension of major cuts in oil production by OPEC+ until 2025, market analysts have expressed their intentions. Daan Struyven, head of oil research at Goldman Sachs, said that “although OPEC+ has extended the three levels of production cuts, we consider the meeting to be bearish because 8 OPEC+ countries have already signalled that they will gradually phase out the additional 2.2 mb/d of voluntary cuts during the period 2024Q4-2025Q3, despite recent surprises at increase in stocks.”

According to Amarpreet Singh, energy analyst at Barclays, “the results of the OPEC+ meeting were slightly negative compared to our views on core balances, as the continuation of additional voluntary adjustments until the end of the third quarter and a slower phase-out than before ; as a result, these adjustments were more than offset by the extent of the phase-out and the revision of the UAE's target for next year.”