“OPEC+ prepares small oil output hike in December – delegatesOPEC+ is preparing a moderate increase in oil production of 137,000 barrels per day in December, as part of a phased restoration
of volumes. This decision takes into account the oversupply and falling demand in China, as well as the desire to regain lost
market share.
”, — write: unn.ua
Details
The Saudi-led group has been treading carefully so far, given signs of oversupply and falling demand in China
The decision may also depend on the outcome of trade talks between the US and China.
Oil futures are trading around $66 a barrel after rising amid US sanctions against Russian producers. Nine out of ten analysts surveyed expect an increase of 137,000 barrels per day, and one predicts even more.
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Officials explained that the resumption of production is aimed at regaining market share lost to American shale drillers. The political aspect also plays a role: Saudi Crown Prince Mohammed bin Salman is preparing to visit the White House on November 18, while the US is calling for lower fuel prices.
Traders expect clarification on the impact of US sanctions against Rosneft and Lukoil, which could affect the market and OPEC+ strategy.
Kuwait says OPEC countries are ready to increase production if necessary23.10.25, 23:00 • 3880 views