OPEC+ Prepares for Three-Month Extension of Cuts

OPEC+ is discussing an extension of its production cuts until the end of the first quarter of 2025, Reuters has reported, citing unnamed sources from the group. OPEC+ is meeting on Thursday to co-ordinate production policy and extending the cuts is the most logical course of action in light of recent price trends, which have seen the benchmarks stuck below the level that most large OPEC+ producers need to be make their budgetary ends meet. OPEC+ agreed the cuts last year in response to the slide in prices following their strong rally in 2022. The…