OPEC+ could delay planned December oil output hike, sources say

LONDON/MOSCOW: OPEC+ could delay a planned hike in oil production scheduled to take effect in December by a month or more, three sources told Reuters on Wednesday, citing concern about soft oil demand and rising supply.

The planned 180,000 barrels per day hike in December, which is scheduled to come from the eight OPEC+ members who have been making the group’s most recent layer of output cuts, was already delayed from October amid falling prices.

Two of the sources, who are people familiar with OPEC+ talks, said the December increase could be delayed for a month at least, while the third, an OPEC+ delegate, did not specify a time frame. All declined to be identified by name.

Oil hovers near one-month lows with supply drivers back in focus

A decision to postpone the hike could come as early as next week, two of the sources said.

OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.

OPEC and the Saudi government communications office did not immediately respond to requests for comment.