OPEC+ Maintains Oil Output Policy Amid Price Declines

OPEC+ has decided to maintain its current oil output policy, including a gradual unwinding of production cuts starting in October, while stating that this plan could be paused or reversed depending on market conditions. The coalition, which is currently cutting output by a total of 5.86 million barrels per day (bpd), has faced pressure from falling oil prices, which have dropped from a high of over $92 a barrel to approximately $81. Despite these concerns, OPEC+ reaffirmed its commitment to the previously agreed cuts, which include a 2.2 million bpd voluntary reduction extended until September. The group is closely monitoring market volatility and geopolitical risks that could affect demand and pricing. As tensions rise in the Middle East and economic concerns in China persist, OPEC+ remains cautious about releasing more supply too quickly. Analysts predict little change in OPEC+ policy in the short term, especially if prices stabilize around current levels.