OPEC+ seen prolonging oil cuts in 2024 and into 2025, two sources say

News Snapshot:

By Ahmad Ghaddar, Alex Lawler and Maha El Dahan LONDON/DUBAI (Reuters) -OPEC+ will likely agree on Sunday to prolong its deep oil output cuts into 2024 and possibly 2025, two OPEC+ sources said as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production. Oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices and oil market analysts expect OPEC+ to extend cuts to balance supply. The Organization...