OPEC+ is nearing a deal to delay an oil output increase due to start in October after crude prices hit their lowest in nine months, two sources told Reuters.
“It is likely that countries will take measures to balance the market by delaying the increase,” one of the sources said. The second source said OPEC+ was “close” to reaching an agreement.
The move comes as oil prices have been falling along with other asset classes due to concerns about a slowing global economy, particularly after weak data from China, the world’s biggest oil importer.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, were due to start increasing output by 180,000 barrels per day in October until last week, as part of a plan to gradually remove the latest tranche of their production cuts.
Concerns have been raised within the alliance due to weak sentiment in the oil market due to the possibility of increased supply from OPEC+ and the end of a dispute that has disrupted Libyan exports, in addition to a decline in demand expectations.
