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OPEC+ delays supply restart again as crude prices struggle
Millennium Post Delhi
|New Delhi 04November2024
Brent futures have slumped 17 per cent in the past four months to trade near $73 a barrel
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RIYADH: OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook, Bloomberg reported.
The group led by Saudi Arabia and Russia had intended to begin a series of monthly production increases by adding 180,000 barrels per day (bpd) from December, but they will now keep supply restrained through that month, according to a statement posted on OPEC's website on Sunday.
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