OPEC+ agrees to delay December output hike for one month, sources say

economictimes.indiatimes.com:

oil output increase by one month, three sources from the producer group told Reuters on Sunday, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market.

The OPEC+ group, combining the Organization of the Petroleum Exporting Countries plus Russia and other allies, was scheduled to raise output by 180,000 barrels per day in December. It had already delayed the increase from October because of falling prices.

However, weak demand and economic data raised concern in the group about adding more supply, sources told Reuters last week ahead of the decision to postpone the hike made on Sunday after consultations between ministers.

All of the three sources, who said the increase was delayed by a month, declined to be identified by name.

Oil prices closed on Friday just above $73 a barrel, supported in part by the prospect of a further delay to the OPEC+ increase. Brent crude is still close to its lowest levels this year, reached in September.

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