$SIA (C6L.SG)$ : Breaking News at 2116hrs. OPEC expected to ...

$SIA (C6L.SG)$ : Breaking News at 2116hrs. OPEC expected to hike oil output from October 2024. Currently, trading US$77.02 a barrel. US/S$ is 1.30.

Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations are mulling to proceed with planned gradual oil production increase from October, Reuters reported on Friday, citing six delegates.

Namely, in October, eight members of OPEC+ are scheduled to increase their output by 180,000 barrels per day as part of a strategy to gradually reverse the recent cuts of 2.2 million bpd. However, they will still maintain other reductions until the end of 2025.

According to the insiders, the intention to raise production remains unchanged because of the tightening market caused by decreased Libyan output and growing optimism that the US Federal Reserve will implement interest rate cuts in September.