OPEC+ to delay output hike for two months

The OPEC+ alliance of 'petrostates,' led by Saudi Arabia and Russia, decided to delay by two months, from October 1 to December 1, the implementation of its plan to gradually lift voluntary crude oil production cuts.

The decision was made by the energy ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman during a teleconference (not previously announced), according to a statement from the Organization of the Petroleum Exporting Countries (OPEC).

These are the eight countries that were set to open the taps next month to gradually return a total of 2.2 million barrels per day (mbd) of crude to the market, which had been voluntarily and additionally withdrawn on top of the substantial production cuts that were bindingly agreed upon by 19 of the 22 OPEC+ countries in various stages since the end of 2022 and that remain in effect.