Dubai/London | The Organisation of the Petroleum Exporting Countries and its allies will proceed with a planned oil production increase in December but first need to cut output to address overproduction by some members, two OPEC+ sources said.
The sources said the plan didn’t represent any major change from existing policy after the Financial Times reported Saudi Arabia is committed to OPEC+ raising production on December 1 and dropping its unofficial $US100 a barrel oil price target to win back market share.
