Oil falls on report OPEC+ will boost supply in December
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.
Reuters
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Energy
Fetching latest articles