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OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.

Motor carriers can expect lower prices and less volatility at diesel pumps in 2024, according to experts. 

Supply is back in the driver’s seat for global crude markets, as rising production from non-OPEC+ nations including the U.S. may outstrip global demand that’s growing at a slower pace.

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Nov. 30, expanding some output cuts into next year.

Ahead of the OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the challenge facing the cartel as it prepares to set output policy for 2024.

The diesel market is pricing in a crisis, one that soon could get even worse because of a lack of the type of crude that’s good for making the fuel.

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Sept. 5 to extend their voluntary oil production cuts through the end of this year.

Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

DUBAI, United Arab Emirates — Saudi Arabia said Oct. 13 that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month.