Opec+ has responded to fears of an oil glut by pausing its plans to increase production next year.
Eight members of the oil producers’ group said they would add another 137,000 barrels a day of crude in December, but then halt any further rises in January, February and March.
The group said the pause was due to “seasonality”. Oil demand in the first quarter is generally weaker after the end of the holiday season when oil refineries often go into maintenance.
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