According to multiple media reports, the OPEC+ cartel is considering delaying an increase in %Oil production that was planned for December of this year as prices for crude slump.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is weighing whether to delay a planned oil production increase because of soft oil demand and rising supply.
The cartel, which includes countries such as Saudi Arabia and Russia, was expected to raise its oil output by 180,000 barrels per day in December.
The increased production was to come after OPEC+ earlier this year reduced its output by 5.86 million barrels of oil per day, equivalent to about 5.7% of global oil demand.
The Reuters news agency is reporting that a decision to postpone the production increase could come in the first week of November. OPEC+ is next scheduled to meet on Dec. 1.
Reports that any production increase might be delayed sent oil prices higher.
Brent crude oil, the international benchmark, is up 1.57% and currently trading at $72.27 U.S. per barrel.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is up 1.52% and trading at $68.22 U.S. a barrel.
Oil prices have declined steadily in recent weeks as global demand softens, particularly in China, and tensions in the Middle East subside.