OPEC denies plans to raise oil output by 500,000 bpd

OPEC denies reports claiming it plans to increase oil production by 500,000 bpd

OPEC denied reports claiming it plans to increase oil production by 500,000 barrels per day (bpd), describing them as “inaccurate and misleading.” The organization stressed that official discussions among its ministers regarding upcoming meetings have not yet begun.

The statement, issued from Vienna on Tuesday evening, came in response to media reports suggesting that OPEC+ members are considering a larger supply hike in November, news that immediately pushed oil prices lower, according to Oil Price.

This comes after a separate report revealed that the alliance produced around 75% of the planned increases between April and August, about 500,000 bpd below target.

Analysts attributed the shortfall to shrinking spare capacity, as well as additional cuts by some members to compensate for previous overproduction.

Eight OPEC+ countries are scheduled to hold an online meeting on Oct. 5 to discuss oil production levels for November, after earlier agreeing to raise October output by 137,000 bpd.