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OPEC+ may extend the production cut protocol until the end of the first quarter of next year.

According to four OPEC+ sources, OPEC+ may extend the latest round of production cut protocol until the end of the first quarter of next year to provide additional support for the oil market. OPEC+'s original goal was to cancel the production cut by 2025. However, slowing global demand and rising production outside of OPEC have hindered the plan and suppressed oil prices. One source said, ‘Production cuts may continue until the first quarter’. Another source said that it is unlikely to extend for six months.

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