OPEC+ has reached a deal to delay the unwinding of its production cuts that were planned to begin in October, anonymous OPEC+ sources told Bloomberg on Tuesday. The group now plans to ease output cuts beginning in December. OPEC+’s existing plan is to begin the careful process of rolling back the current voluntary production cuts starting next month, which would see 180,000 bpd added back into the market in October.
OPEC+ has long maintained that its plan to roll back the cuts was a tentative one and dependent on market balance. While the…OPEC+ To Delay Oil Output Hike For 2 Months
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