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OPEC+ is discussing a possible delay to an oil output increase planned for October, delegates said, after prices crashed to the lowest since last year.

Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks.

Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.

OPEC kept oil production broadly steady in July while it cautiously monitors the impact of its latest cutbacks on global markets.

Key OPEC+ nations Iraq, Kazakhstan and Russia continue to pump above output limits intended to shore up global oil prices, the group’s data showed.

OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits.

A Senate panel is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer colluded with the cartel.

OPEC maintained forecasts for strengthening oil demand in the second half of the year, as the group and its allies prepare to revive some halted supplies.

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on June 2 extended output cuts through next year, a move aimed at supporting slack prices.

OPEC+ is pressing on with informal talks aimed at finalizing an agreement on oil output cuts this weekend, officials said.