OPEC+ could delay December’s planned increase to oil production by a month or more, sources close to the matter said, citing concern about soft oil demand and rising supply

OPEC accused the International Energy Agency (IEA) of “distorting the past and present” for predicting that fossil fuel consumption will peak this decade and that an “age of electricity” will soon begin

The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran

The weaker outlook highlights the dilemma faced by OPEC+, which comprises the OPEC and allies such as Russia, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices

A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasizing the need for some members to make further cuts to compensate for overproduction

The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Kuwaiti Haitham al Ghais, defended in Brazil a strategy that supports all energy sources and stated that achieving this requires “adequate” investment over many decades

OPEC cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision

The alliance 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

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand