OPEC+ Leans Toward Ditching Output Hike as Oil Sinks on Virus
- Group was already mulling output halt after U.S. stock release
- Prices have crashed 10% in the biggest slump since last April
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OPEC and its allies are increasingly inclined to ditch their plan to raise output next week, as a new virus variant triggered oil’s worst crash in over a year.
The 23-nation alliance led by Saudi Arabia is leaning toward abandoning a plan for a modest production hike scheduled for January when it meets on Dec. 1 to 2, according to delegates who declined to be identified. The group was already considering a pause after the U.S. and other consumers announced the release of emergency oil stockpiles on Monday.