Expectations that the OPEC and its allies will start unwinding voluntary output curbs of 2.2 million barrels a day starting from December is adding to market nervousness.

OPEC+ is set to go ahead with a December oil output increase as its impact will be small should a plan for some members to make larger cuts to compensate for overproduction be delivered in September and later months,

Oil futures finished higher on Friday to modestly pare back their weekly loss from expectations OPEC+ will boost production before year-end.

Saudi Arabia reportedly plans to start producing more from Dec. 1, allowing global crude prices to fall. Why? It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer.

Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world's top crude exporter, will give up its $100 price target in preparation for raising output, along with OPEC members and allies in December.