Commodities
OPEC+ Makes No Changes to Plans for Reviving Oil Production
- Group has plan to start restoring idle output in December
- Iraq, Kazakhstan and Russia submit updated compensation plans
This article is for subscribers only.
OPEC+ made no changes to plans to start gradually reviving oil production towards the end of the year, despite signs of an impending surplus.
A statement from 23-nation the group after an online monitoring meeting on Wednesday didn’t announce any alterations. Led by Saudi Arabia and Russia, OPEC+ plans a series of monthly increases beginning with a 180,000-barrel-a-day hike in December — two months later than originally scheduled because of fragile market sentiment.