OPEC+ Reassures Oil Markets, Allays Oversupply Concerns

The energy ministers of the most influential OPEC+ producers presented a united front on Thursday, seeking to allay market concerns about oversupply and saying that the oil production plans unveiled this weekend could always be amended or reversed. The OPEC+ group extended this weekend most oil output reductions into 2025. But it also said it could begin unwinding some voluntary cuts after the end of the third quarter of 2024—subject to market conditions. The potential of OPEC+ barrels coming on the market in the fourth quarter…