OPEC+ Discusses Possible Delay in Oil Production Increase
Key OPEC+ countries have begun discussions about the potential delay of the planned oil production increase, which was scheduled for January. This delay could last several months, according to Bloomberg.
It is noteworthy that eight OPEC+ countries (Algeria, Iraq, Saudi Arabia, Kuwait, UAE, Kazakhstan, Russia, and Oman) have already postponed the gradual monthly return to the market (by 180-200 thousand barrels per day) of a 2.2 million barrels per day production cut twice.
According to Bloomberg, these countries are uncertain whether the market conditions allow for an increase in production starting in January, and may delay this plan for a few months.
The OPEC+ ministerial monitoring committee meeting and the OPEC+ ministerial meeting are scheduled for December 5.
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