OPEC+ members delay planned increase in oil production, FT reports

Members of OPEC+ have delayed a plan to start raising oil production until the end of the year amid a plan to revive crude prices that have continued to flag despite turmoil in the Middle East, The Financial Times’ Rachel Millard reports. The group will leave all output cuts in place until the end of December, according to the report. OPEC+ had been due to begin unwinding voluntary cuts, but have postponed the plan for at least another month amid persistent weakness in the oil price. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).