OPEC+ discussions are currently focused on approving a slight increase in oil production for December, according to three delegates familiar with the talks ahead of an online meeting on Sunday.
The delegates, who requested anonymity due to the sensitivity of the information, explained that key countries in the Saudi-led coalition are considering an increase of 137,000 barrels per day, the same increase implemented during October and November. Bloomberg reported earlier this week that this increase is the most likely scenario.
One of the delegates indicated that the consultations would continue on Sunday, with the virtual meeting scheduled to begin at 5 p.m. Vienna time.
The OPEC+ alliance continues to restore 1.65 million barrels of production.
The OPEC+ alliance is continuing to implement its plan to gradually restore approximately 1.65 million barrels per day of production that was cut two years ago, having already reactivated a portion of that amount earlier this year. This approach comes despite signs of a long-anticipated surplus and warnings of a potentially larger market glut next year.
The International Energy Agency, based in Paris, expects global crude oil supply to exceed demand by more than 3 million barrels per day during the current quarter, with the surplus worsening to an unprecedented degree next year, at least theoretically.
However, the actual increases in production were much lower than the announced quantities, as some members sought to compensate for previous over-pumping levels, while others faced technical difficulties that prevented them from increasing their production, thus limiting the real impact of those increases on the market.
