Opec+ raises oil production quotas to two-year high
Analysts predict a glut of crude by the end of the year after cartel reverses output cuts
Analysts predict a glut of crude by the end of the year after cartel reverses output cuts

Eight countries agree to lift production slightly in December but pause further increases at start of 2026

Decision set to weigh on oil prices as global demand remains weak

With rivals running out of juice, the cartel can afford to play the long game

International Energy Agency expects production to rise by 1.8mn barrels a day in 2025

Output dropped by biggest volume on record in March with closure of Strait of Hormuz hitting producers around the Gulf

Energy Information Administration predicts drop in American output next year as cartel’s supplies soar