OPEC+ Leans Toward Proceeding With Output Hike, Delegates Say

(Bloomberg) -- OPEC+ is leaning toward reviving oil production as planned in October, according to delegates involved in the discussions.

Led by Saudi Arabia and Russia, the Organization of Petroleum Exporting Countries and its allies are due to add 180,000 barrels a day as they gradually restore output that’s been halted since 2022. For now, there aren’t any signs of postponement, several officials said, asking not to be identified because the talks are private.

OPEC+ has warned repeatedly that it could “pause or reverse” the hikes if necessary, and with prices eroded by China’s faltering economy, analysts from Citigroup Inc. to Rystad Energy predicted a delay.

Crude futures have retreated sharply during the past two months, trading below $80 a barrel Friday.

Yet a political crisis in OPEC member Libya, which has halved its output, may have given the alliance the space to move forward. Tripoli’s woes have boosted the market, offsetting concerns about China and plentiful new supplies from the US, Guyana and Brazil.