OPEC+ to increase oil output by 180,000 bpd from Dec 1, shifting focus from $100 oil price target.

OPEC+ plans to increase oil output by 180,000 barrels per day starting December 1, despite some members committing to deeper cuts. Saudi Arabia is shifting focus away from its $100 oil price target to regain market share, amid falling prices and rising U.S. supply. While the overall market remains volatile, OPEC+ leaders emphasize adherence to output discipline based on market fundamentals rather than specific price targets.

September 26, 2024
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