OPEC+ may delay planned output hike again in December meeting: Report

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OPEC+ is likely to postpone its previously planned gradual oil production increase during its upcoming meeting in December, amid signs of global market instability.

According to Reuters, citing informed sources on Thursday, OPEC+ will have limited flexibility in its next meeting to either deepen production cuts or increase output.

The alliance, which accounts for around half of the world's oil production, has already delayed its production hike plan multiple times this year. The latest postponement occurred during the November meeting, when the implementation was pushed from December to January.

"I can't say it's popular in the group, but there would be no strong objection to a delay until the first quarter," one of the OPEC+ sources said. Two other sources noted it was too early to determine what the group would ultimately decide.

Separately, Bloomberg reported on Friday that OPEC+ delegates indicated next month’s meeting on production plans might be held online rather than at the organization’s headquarters in Vienna, as originally scheduled.