TMTPOST--Oil prices are set for their largest weekly decline in nearly a year due to ongoing worries about weak demand and abundant supply, even as OPEC+ delays its planned production increase by two months. On Friday, Brent crude was trading close to $73 per barrel, marking a drop of over 7% for the week, while West Texas Intermediate stood around $69. OPEC announced that it will not raise output by 180,000 barrels per day in October and November as previously planned. However, it maintained its schedule to gradually increase production by 2.2 million barrels per day over the next year. Despite initial indications that OPEC+ was ready to move forward with its planned supply hikes from October, the alliance changed its stance in response to a significant fall in global benchmark prices. Although oil prices initially rose following the announcement on Thursday, they ended the session unchanged. Since early July, crude prices have been trending downward due to concerns over demand from major consumers like China and increasing supply from non-OPEC sources. Recent disruptions in Libya's oil supply have provided some support, but timespreads indicate weakness, with the previously bullish backwardation structure narrowing sharply.