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OPEC+ to Gradually Increase Oil Output from October, USO Drops 2.6%

Aug 30, 2024, 01:06 PM

OPEC+ is likely to proceed with a planned gradual oil production increase starting in October, according to six sources within the group. The organization plans to incrementally raise output by about 180,000 barrels per day each month in the fourth quarter of 2024. This will be followed by an increase of 210,000 barrels per day monthly in the first nine months of the following year. The decision comes amid Libyan outages and pledged cuts by some members to compensate for overproduction, countering the impact of sluggish demand. The oil market has reacted negatively to this news, with the United States Oil Fund (USO) dropping 2.6%.