© Reuters
Investing.com – Prices tumbled during these trading moments on Monday following news of OPEC+ group plans to ramp up production at its next meeting in December.
Oil prices are now down more than 5%, to their lowest levels since last December, as U.S. Nymex crude dipped below $76 a barrel, while Brent, the benchmark, dipped below $83.
OPEC shock
The Wall Street Journal reported on Monday that delegates from the Organization of the Petroleum Exporting Countries (OPEC+) said other oil producers are considering ramping up production.
The paper said the group is studying a 500,000 bpd hike to present at the OPEC+ meeting on Dec. 4 next year.
And the Saudi energy minister said earlier that OPEC+ will remain cautious on oil production, noting that members see “uncertainty factors” in the global economy ahead of the organization’s next meeting in December.
The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, agreed to cut their production target by 2 million barrels per day in October, despite opposition from the United States and others .
