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Oil falls on report OPEC+ will boost supply in December

Maha El Dahan, Olesya Astakhova and Alex Lawler

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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.

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