OPEC+ Delays Supply Restart Again as Crude Prices Struggle
- Output hike planned for December is pushed back by one month
- It’s the second postponement to the group’s production revival
An employee looks out across oil pipes used for landing and unloading crude and refined oil at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
This article is for subscribers only.
OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook.
The group led by Saudi Arabia and Russia had intended to begin a series of monthly production increases by adding 180,000 barrels a day from December, but they will now keep supply restrained through that month, according to a statement posted on OPEC’s website on Sunday.