Market Outlook: OPEC+ Won't Start Increasing Production Until April 2025

According to BMI analysts, OPEC+ will have to further postpone the planned production increase to reduce the anticipated global supply surplus next year. OPEC and its allies have delayed their plans to gradually reintroduce more oil into the market until the end of December due to weakening demand and broader concerns regarding oil prices. Analysts stated, "The dominant driving force behind price movements throughout next year will be OPEC+ policy. Our data currently shows a surplus of approximately 720,000 barrels per day for 2025, assuming that OPEC+ will not begin to increase production until April 2025."