OPEC+ may delay planned December output increase: Report

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OPEC+ may delay its planned December oil production hike by a month or more due to concerns over weak demand and oversupply, Reuters, citing three sources familiar with the matter.

This comes after the planned 180,000 barrels per day (bpd) of oil output was postponed to December, after it was supposed to take place in October, amid falling oil prices.

Two sources explained that the planned December rise may be delayed by at least a month, while the third source did not specify a timeframe.

OPEC+ is scheduled to meet on Dec. 1 to determine its next steps for production policy.

Against this backdrop, the global oil market calmed down this week as Israeli attacks on oil facilities in Iran were ceased. This boosted traders' hopes that a full-scale war in the Middle East could be avoided, with focus returning to concerns of oversupply and weak demand.