OPEC+ set to delay next year’s planned oil output hike by three to six months – Bloomberg

The OPEC and its allies (OPEC+) are reportedly reaching an agreement to extend next year’s planned oil-output increase by three to six months, according to several delegates, cited by Bloomberg.

Additional takeaways

“The alliance is instead increasingly focused on maintaining the current cutbacks into early 2021.”

“The alliance is keeping about 7.7 million barrels a day off-line right now, or 8% of global output.”

“OPEC is also having to contend with the return of supply from members that are exempt from cutting production.”

Meanwhile, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said earlier this week that the OPEC+ can “tweak this agreement” as necessary.