Oil Prices Drop as OPEC+ Looks to Increase Production in October

OPEC+ will likely begin unwinding its production cuts in October, six OPEC+ sources told Reuters on Friday. If OPEC+ does decide to start the process of ramping up production in October, it will be largely offset by OPEC member Libya’s significant oil production losses that began this week. Brent crude reacted violently to the anonymous insider news, falling more than 1.5% in mid-day trading, although original losses were already starting to ease at the time of writing. So far, Libya’s production has seen a 700,000 bpd decline as a…