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Sources: OPEC + has agreed to delay its planned production increase in December by a month.
OPEC + has agreed to delay by a month its planned oil production increase for December, three sources told Reuters on Sunday, as weak demand and rising supplies outside the cartel put downward pressure on the oil market. The OPEC + group of OPEC, Russia and other producers had planned to increase output by 180,000 barrels a day in December. The group had already postponed plans to increase output from October because of falling prices. Last week, sources said weak demand and economic data had ra...
On September 4th, three sources from OPEC + said on Wednesday that OPEC + is discussing delaying next month's production increase plan due to the drop in oil prices to the lowest level in nine months. One of the sources said that OPEC last week seemed ready to increase production by 180,000 barrels per day as planned in October, but the market volatility caused by the shutdown of oil facilities in Libya and the weak demand outlook have raised concerns in the group.
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