Source: Reuters
“A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasising the need for some members to make further cuts to compensate for overproduction. … OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022. The group plans a 180,000 bpd increase in December as part of a gradual unwinding of its most recent layer of voluntary cuts extending into 2025. The hike was delayed from October after prices slid. Countries’ compliance was in focus at the meeting, sources who attended told Reuters, and is expected to remain so in coming weeks, particularly that of Iraq and Kazakhstan.” (10/02/24)