OPEC + has reportedly agreed to delay its production increase plan by a month

OPEC + has agreed to delay by a month its planned oil production increase for December, three sources told Reuters on Sunday, as weak demand and rising supplies outside the cartel put downward pressure on the oil market. The OPEC + group of OPEC, Russia and other producers had planned to increase output by 180,000 barrels a day in December. The group had already postponed plans to increase output from October because of falling prices. Last week, sources said weak demand and economic data had raised OPEC's concerns about an increase in oil supply. On Sunday, the alliance decided to postpone the production increase plan after consultations among OPEC + ministers.