OPEC+ extends deep oil production cuts into 2025

- OPEC+ has agreed to extend oil output cuts until 2024 and then start phasing them out in 2025 - The UAE secured an upgrade to its production quota - The extension of production cuts should cause oil prices to rise - Uncertainties in supply and demand are contributing to erratic oil prices - Ice Brent futures have been fluctuating between $82/bl and $84/bl since May

Summarized top reddit comments: - Expectation of rise in oil prices due to production cuts by OPEC+ - Skepticism about price increase given past cuts that did not lead to sustained rise in prices - Angola leaving OPEC raises questions about group dynamics - US focusing on Guyana oil as potential counterbalance to OPEC dominance