OPEC+ Close to Delaying Oil Supply Increase, Delegates Say.

OPEC+ is considering delaying a planned increase in oil production due to low demand and ample supplies. Key members of the coalition are likely to postpone the scheduled hike of 180,000 barrels per day in October. This decision comes after crude prices fell below $73 a barrel, the lowest since late 2023, following negative economic data from China and the US. By delaying the increase, OPEC+ hopes to avoid a surplus in the fourth quarter, but there is a risk of prices dropping to $50 a barrel if production is increased. [Extracted from the article]