OPEC+ should delay output hike, a technical advisory panel recommends – Bloomberg

Omkar Godbole FXStreet Contributor

The OPEC+, a group of major oil producers led by Saudi Arabia and Russia, should consider delaying its planned output boost by three to six months, a technical panel advising ministers suggested, according to Bloomberg.

In an online meeting held Monday, the Joint Technical Committee concluded that the resurgence of coronavirus and new wave of lockdowns pose downside risks to oil prices and the 23-nation alliance should consider pushing out output hikes.

The alliance is scheduled to increase crude production by almost 2 million barrels a day in January and will make a final decision when it meets between Nov. 30 and Dec. 1.

The WTI crude is currently trading at $41.60 per barrel, representing a 0.6% gain on the day.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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