OPEC+ Considers Delay Amid Oil Price Drop

OPEC+ is contemplating postponing an upcoming production increase due to plummeting oil prices, concerned about volatility from Libya's facility shutdowns and weakened demand. Initially set to rise by 180,000 barrels per day in October, the plan faces scrutiny amid the current market instability.

OPEC+ is considering postponing a planned production hike next month as oil prices fall to a nine-month low, according to three sources within the group who spoke to Reuters on Wednesday.

Last week, the group appeared ready to proceed with the planned increase of 180,000 barrels per day in October, but recent volatility from oil facility shutdowns in Libya and a weak demand outlook has raised concerns among its members, said one source.

The discussions underscore the uncertainty and economic pressure facing oil producers in the current market climate.

(With inputs from agencies.)