OPEC+ Base Case Scenario Is Small Hike for Now, Delegates Say

OPEC+ is currently expected to focus on reviving another modest sliver of oil production in December as a base case when key members meet this weekend, according to two delegates.

The group led by Saudi Arabia is so far expected to focus on a third monthly increase of 137,000 barrels a day, to be discussed at a video conference on Nov. 2, the delegates said. OPEC+ is in the process of restarting 1.66 million barrels-a-day in monthly stages a bid to reclaim its share of global oil markets.