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OPEC+ Set to Agree Another Modest Oil Output Increase, Sources Say
OPEC+ plans a 137,000 bpd output increase in December, emphasising caution amid supply and demand concerns.
OPEC+ is expected to approve a modest increase in crude-oil output targets—about 137,000 barrels per day—for December, according to multiple sources. The group has slowed the pace of production increases amid concerns of oversupply and weaker global demand. Western sanctions on Russia are making it harder for some members to boost output, adding complexity to the decision. Traders say the move may cap upside in oil prices while signalling the producers’ preference for stability-over-volume in the near term.