OPEC+ Delays Oil Output Increase Amid Price Slump

OPEC+ has agreed to postpone its planned oil output increase for October and November after crude prices reached a nine-month low. The decision comes amidst global economic concerns and weak Chinese demand. This move is expected to support the fragile oil market, as ministers monitor the situation closely.

In a decisive move, OPEC+ has postponed its planned oil output increase for October and November following a significant slump in crude prices, Reuters reports. This decision arrives as oil prices have been falling due to concerns over a weakening global economy and disappointing data from China, the largest oil importer.

A source from the producers' group confirmed the two-month delay. The announcement positively impacted the market, lifting oil prices by over $1 a barrel, with Brent futures trading at $73.72 a barrel as of 1508 GMT. This follows a sharp decline to a yearly low on Wednesday.

The initial plan was to increase production by 180,000 barrels per day. However, the group, comprising OPEC and allies led by Russia, is reconsidering due to fragile market sentiment, weak demand prospects, and the resumption of Libyan exports. OPEC+ ministers will meet on Dec. 1 to set future policy, with a preliminary review on Oct. 2.

(With inputs from agencies.)