Oil Prices Plunge As OPEC+ Considers Production Hike

OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal. The full group will meet next on December 4 to set out OPEC+’s production plans for January 2023—and the group is reportedly considering an increase of up to half a million barrels a day. The timing of the production target increase—if the group agrees to it—would be just one day before the effective date of both the EU’s Russian oil…