LONDON (Reuters) -OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday.
Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility from oil facility shutdowns in Libya and a weak demand outlook have raised concern within the group, one of the sources said.
“There are suggestions to delay the increase,” one of the sources said. Another said a delay was looking “highly possible” at this stage.
Eight OPEC+ members are scheduled to raise output by 180,000 bpd in October as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until the end of next year.
This post is originally published on INVESTING.
