The move comes as oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from China
OPEC+ is nearing an agreement to delay an oil output increase scheduled to start in October after oil prices hit their lowest in nine months, two sources from the producer group told Reuters on Thursday.
“It is likely that the countries will take action to balance the market by delaying the increase,” one the sources said. The second source said OPEC+ was “almost there” on getting an agreement. Fragile oil market sentiment over the prospect of more supply from OPEC+ and an end to a dispute halting Libyan exports, coupled with a weakening demand outlook, have raised concern within the group.
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