OPEC+ Set to Boost Oil Production in November
(MENAFN) The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Sunday that they will increase oil production by 137,000 barrels per day (bpd) for November. This move follows a similar production hike in October.
The decision was made after a virtual meeting with member nations, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, according to a statement released by OPEC.
"In view of a steady global economic outlook and healthy market fundamentals, as reflected in low oil inventories, the eight countries will implement a production increase of 137,000 barrels per day in November from the previously announced additional voluntary cuts," OPEC stated.
The additional voluntary production cuts of 1.65 million bpd were first introduced in April 2023 and extended through the end of 2026. OPEC clarified that these cuts may be gradually reversed, either in full or partially, depending on market conditions.
The group plans to reconvene on November 2 to evaluate the market and decide on further actions.
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