OPEC+ Delays Oil Output Increase Amid Crude Price Drop

OPEC+ has postponed a planned oil output increase for October and November after crude prices hit a nine-month low. This decision, influenced by concerns over a fragile global economy and weak Chinese data, lifted oil prices by over $1. The group holds back 5.86 million barrels per day, equating to 5.7% of global demand.

OPEC+ has decided to delay an anticipated increase in oil output scheduled for October and November, following a significant drop in crude prices to their lowest point in nine months, sources from the producers' group revealed to Reuters on Thursday.

One source confirmed the decision with a simple, "Done." The announcement resulted in a $1 increase in oil prices, elevating Brent futures to $73.72 per barrel by 1408 GMT. This comes after prices hit their lowest point of the year on Wednesday.

The planned rise was part of an effort to bring 180,000 barrels a day to the market, contributing to the broader 5.86 million barrels per day OPEC+ is currently withholding, around 5.7% of global demand. The group's decision was met with cautious optimism amid concerns over a weak global economy and sluggish demand, particularly from China, the world's largest oil importer.

(With inputs from agencies.)