Oil Prices Slide on Rumors of Higher OPEC Production

A possible partial reversal of OPEC production cuts sent crude oil prices sliding early on Monday after Reuters cited six unnamed sources from the cartel as saying members were going to add 180,000 bpd to total production beginning in October. The possibility for a rollback of the production cuts agreed in 2023 was floated by OPEC earlier this year, with the caveat that market conditions had to be right, meaning oil prices had to be high enough. Still, the very possibility of higher OPEC output in the context of perceived lukewarm demand growth…