Opec+ halts output hikes beyond Dec amid glut fears

The bloc has raised oil output targets by around 2.9 million barrels per day since April

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Opec+ on Sunday agreed a small oil output increase for December and a pause in increases in the first quarter of next year as the producers’ group moderates plans to regain market share due to rising fears of a supply glut.

Opec+ has raised output targets by around 2.9 million barrels per day—or around 2.7% of global supply—since April, but slowed the pace from October amid predictions of a looming oversupply.

New Western sanctions on Opec+ member Russia are adding to challenges in the strategy, as Moscow may struggle to further raise output after the US and Britain imposed new measures on top producers Rosneft and Lukoil.