OPEC+ set to approve modest oil output increase for December - Bloomberg
Illustrative photo: OPEC+ countries to slightly increase output (Getty Images))
OPEC+ countries plan to approve a modest increase in oil output for December. The meeting is set to take place online today, Bloomberg reports.
Key members led by Saudi Arabia are expected to ratify a production boost of around 137,000 barrels per day. This would allow continuation of the small increases already announced for October and November, Bloomberg writes.
OPEC and its partners have been gradually restoring production halted two years ago. Today's meeting comes amid growing pressure on Russia following US sanctions on its two largest oil companies.
Saudi Crown Prince Mohammed bin Salman is expected to visit Washington at the end of November. During his meeting with President Donald Trump, measures could be announced that would push down global oil prices.
Earlier, Reuters reported that Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan, and Algeria are ready to increase output. However, OPEC+ countries could also take a pause for some time.
Last week, Washington announced its first major sanctions on Russia during Trump's second term. The restrictions targeted Rosneft and Lukoil. According to Western media, Indian refineries have already begun reducing imports of Russian oil amid these sanctions.
It has also emerged that Russian oil product exports have sharply declined due to new Western sanctions and successful Ukrainian attacks. Total seaborne shipments in the first 26 days of October averaged 1.89 million barrels per day, the lowest level since at least early 2022.
