Salma El Wardany

Discussions between OPEC+ members on Sunday have reached an agreement in principle to delay their December production increase, a delegate said.

OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook.

Escalating tensions in the Middle East and US relations with China pose the greatest concerns for Big Oil, according to some of the industry’s top executives.

The OPEC member looks to bring back oil majors spooked by years of instability and production shutdowns.

OPEC+ plans to hold this weekend’s meeting online rather than in-person as originally indicated, delegates said.

OPEC+ will delay Sunday’s online meeting on oil production curbs to Dec. 5, according to delegates who asked not to be identified.

OPEC+ delayed the revival of its oil production by three months, a delegate said, the third time it’s deferred the move while crude prices struggle amid a looming surplus.

La OPEP+ aplazó por tres meses la reactivación de su producción de petróleo, la tercera vez que lo hace, mientras los precios del crudo luchan contra un inminente superávit.

Libya’s oil production has risen to the highest daily level in more than a decade, just months after a political crisis slashed the country’s output.

OPEC+ is accepting that its mission to defend oil prices will drag on much longer than expected.