OIL dips 1% on possible OPEC supply boost 📉

OIL has just hit its lowest in two weeks following the report that Saudi Arabia is pushing OPEC+ to consider restarting oil production earlier than planned in a bid to regain global market share, though no decision has been finalized.

According to people familiar with the matter, Riyadh aims to boost output to counter weaker prices with higher volumes, but the move could face resistance from members favoring tighter supply to support prices. Whether the increase is agreed upon soon or delayed to later months remains uncertain.

The possible supply boost could come as early as after Sunday’s OPEC meeting. The news pushed the OIL contract below its August lows, with prices currently down 1% from the previous hour.

Source: xStation5

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