The oil cartel Opec, Russia, and other allied oil countries have agreed to postpone planned January increases by three months.
The plan was previously to start increasing production quotas by 180,000 barrels per day already in January. This first step is now being postponed until April, after which a gradual production increase is planned until September 2026, Bloomberg reports, citing a delegate at a meeting between oil countries.
The oil price has recently been pressed down by large supply from the USA and weak demand in China. A futures contract for delivery of so-called Brent oil next month has fallen 18 percent to around 73 dollars per barrel since the beginning of July.
