OPEC+ Raises Output Despite Glut Worries

OPEC+ Raises Output Despite Glut Worries

OPEC+ agreed Sunday to raise oil production in October, starting to roll back voluntary cuts despite concerns of oversupply, according to The Wall Street Journal. Eight members, including Saudi Arabia and Russia, will add 137,000 barrels per day, unwinding part of 1.65 million barrels of curbs. The move follows earlier reversals of a 2.2 million-barrel reduction and leaves 2 million barrels of collective cuts in place. Brent crude closed the week near $65 a barrel, down more than 10 year-to-date, as fears of a glut weigh on sentiment. The group, which supplies about half of global oil, will reconvene on October 5th to decide November output.


User: Benzinga

Views: 37

Uploaded: 2025-09-08

Duration: 00:41

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