LONDON (Reuters) – OPEC+ is discussing delaying its planned output increase next month as oil prices hit a nine-month low, three sources from the producer group told Reuters on Wednesday.
Last week, the group appeared set to deliver a 180,000 barrel per day (bpd) increase in October, but market volatility due to oil facility shutdowns in Libya and weak demand prospects have raised concerns within the group, one of the sources said.
“There are suggestions to delay the increase,” one of the sources said. Another said a delay seemed “highly possible” at this stage.
Eight OPEC+ members are set to raise output by 180,000 b/d in October as part of a plan to begin rolling back their latest round of 2.2 million b/d of production cuts while keeping other cuts in place through the end of next year.
(Reporting by Ahmad Ghaddar, Alex Lawler and Olesya Astakhova; Editing by Louise Heavens)
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