Opec+ shifts meeting to Dec 5, could delay output hike

Opec+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Opec+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec 5. Issues that need to be addressed include an output hike for the UAE agreed in June this year that’s scheduled to start in January 2025, two of the sources said, declining to be identified. Opec+, which pumps about half the world’s oil, is gradually aiming to un­­wind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices.