OPEC+ likely to agree small oil output increase for December, sources say

Core Viewpoint - OPEC+ is expected to agree on a small increase in oil output targets for December amid concerns of a potential supply glut in the coming year [1][2]. Group 1: Output Targets and Changes - OPEC+ has raised output targets by over 2.7 million barrels per day (bpd), approximately 2.5% of global supply, since April, but has slowed the pace of increases to 137,000 bpd in October and November due to oversupply predictions [2][4]. - Eight OPEC+ members, including Saudi Arabia and Russia, are likely to agree on an additional increase of 137,000 bpd for December [3][4]. - A possibility of pausing output hikes has also been mentioned, indicating a cautious approach [3]. Group 2: Market Reactions and Price Movements - Oil prices fell to a five-month low of around $60 per barrel on October 20 due to concerns over a supply glut but have since recovered to approximately $65 per barrel, influenced by sanctions on Russia and optimism regarding trade talks [4]. - Analysts, including RBC's Helima Croft, expect OPEC+ to raise targets by 137,000 bpd unless there is clear evidence of a supply disruption [4].