OPEC+ Plans December Oil Output Increase

OPEC+ is intensifying efforts to ensure compliance among its members regarding oil output cuts, particularly addressing overproduction by countries like Iraq and Kazakhstan. The alliance is set to implement a modest increase of 180,000 barrels per day in December while some members will cut production to offset previous overproduction. Notably, Saudi Arabia has signaled a shift away from an unofficial $100 per barrel price target, focusing instead on market fundamentals. Despite these adjustments, OPEC+ maintains a bullish long-term outlook, projecting a rise in global oil consumption to 120.1 million barrels per day by 2050, even as many analysts predict a shift toward renewable energy. Critics argue that OPEC's forecasts are overly optimistic and could exacerbate climate issues. Key discussions will occur in an upcoming OPEC+ meeting scheduled for October 2 to review market conditions.