On Dec. 5, 2024, OPEC+ announced another 3-month delay to its planned oil output increases, the third deferral, pushing the timeline to April 2025 and prolonging the complete unwinding by a year to December 2026. These decisions indicate concerns over weak global demand and increasing production from non-OPEC+ producers. They also show that OPEC+ is unwavering in its strategy to manage oil price expectations.