OPEC+ Weighs Delay in Planned Output Increase as Oil Prices Tumble

OPEC+ is considering delaying a planned 180,000 barrels per day output increase for October due to volatile market conditions influenced by shutdowns in Libya and weak demand. Sources within the group suggest that a delay is likely, as oil prices have plummeted to a 9-month low.

OPEC+ is mulling over a delay in its previously scheduled output increase next month, as oil prices have plunged to their lowest levels in nine months, according to three sources within the producer group who spoke to Reuters on Wednesday.

Initially, the group had planned to proceed with a 180,000 barrels per day (bpd) hike in October. However, recent disruptions in oil facilities in Libya and a dampened demand outlook have prompted reconsideration, one source mentioned. "There are suggestions to delay the increase," the source said, while another noted that a postponement was "highly possible" at this juncture.

As per the plan, eight OPEC+ members were set to raise output by 180,000 bpd in October as part of the strategy to ease the latest output cuts of 2.2 million bpd, albeit maintaining other reductions through the end of next year.

(With inputs from agencies.)