Commodities
OPEC+ Pauses Oil Supply Hike in Effort to Reverse Price Slump
- Oil remains well below last week’s level on China demand fears
- OPEC had planned to increase supply before dramatic selloff
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OPEC+ postponed its oil supply hike by two months, but the move wasn’t enough to roll back steep losses in crude prices amid fears about fragile demand.
Key coalition members won’t now increase production by 180,000 barrels a day in October and November, according to a statement on OPEC’s website. Yet their longer-term plan to revive 2.2 million barrels a day of idle supplies gradually over the course of a year remained in place, with the completion date pushed back two months to December 2025.