Opec+ members have agreed to delay a plan to start increasing output by two months to December, a delegate source told Argus.
Eight members of the group — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — had been preparing to start returning 2.2mn b/d of voluntary crude output cuts from October over a 12-month period, as agreed in June.
The move follows a steep fall in oil prices in recent days after worse than expected economic data in China and the US, and despite an ongoing oil blockade in Libya.
