OPEC+ has decided to delay its planned oil output increase, which was originally scheduled for January. The length of this postponement is still being discussed, with a potential delay of three months being considered.
The coalition, led by Saudi Arabia and Russia, has chosen to defer a planned increase of 180,000 barrels per day due to current oil prices not meeting government spending needs. OPEC+ is concerned about further price declines and weak demand from China, as well as ample supply from the Americas.
Brent crude futures have fallen approximately 18% since early July and are currently trading near $73 a barrel.