OPEC+ considers 500,000 bpd output increase

OPEC+ is set to discuss raising oil production by 500,000 bpd over three months

OPEC+ is set to discuss raising oil production by 500,000 barrels per day (bpd) over three months as part of efforts to balance the market, according to a report.

Bloomberg cited delegates on Tuesday saying members of the alliance will consider accelerating the latest round of output increases during their Oct. 5 meeting, aiming to return the remaining 1.66 million bpd to the market.

Sources noted that no final decision has been made, and an increase of around 500,000 bpd is one of the options under consideration.

Despite the OPEC+ decision to raise output amid slowing Chinese demand and ample US supply, oil prices have remained resilient, with Brent futures trading around $67.5 per barrel, roughly the same level as in April.