OPEC+ agrees to delay December output hike for one month: Report

Logo of OPEC

OPEC+ has agreed to delay a planned December oil output increase by one month, Reuters reported, citing sources from the group.

The sources that weak demand, notably from China, alongside rising supply from outside the group, are squeezing the oil market.

OPEC+, combining the Organization of the Petroleum Exporting Countries plus Russia and other allies, was scheduled to raise output by 180,000 barrels per day in December. It had already delayed the increase from October because of falling prices.