Lower output from Iraq, Kazakhstan, Russia raises compliance with OPEC+ cuts

Goldman Sachs expects OPEC+ cuts to support oil prices in the near term, with Saudi Arabia likely to extend the cuts to April 2025 instead of January, a note from the bank said. The bank maintained its 2025 Brent average price forecast at $76 per barrel. The note noted that production from Iraq, Kazakhstan and Russia fell by about 0.5 million barrels per day in November, reflecting the countries’ commitment to market stability despite the pressures.