OPEC+ Considers Delaying Output Hike Amid Price Drop

OPEC+ is considering delaying a planned increase of 180,000 barrels per day (bpd) in oil output for October due to market volatility and a weak demand outlook. This decision comes as oil prices have dropped to their lowest levels in nine months. The planned increase was part of a broader strategy to begin unwinding the most recent layer of output cuts, while other cuts are intended to remain in place until the end of next year.

Concerns over oil facility shutdowns in Libya and a slowing global economy, particularly in China and the U.S., have further complicated the decision. The OPEC+ group, which includes eight key producers, initially scheduled the output increase to balance earlier production cuts. However, the current market conditions have led to speculation that OPEC+ may need to maintain tighter controls on supply to support prices, which many member countries rely on to balance their budgets. Despite the potential delay, Brent crude prices saw a minor uptick to $74.47 per barrel but remained at their lowest since December.