OPEC+ to increase its output in November

The OPEC+ alliance, led by Saudi Arabia and Russia, agreed on Sunday to raise crude oil production in November by 137,000 barrels per day, which constitutes its eighth consecutive monthly increase.

“In view of the stability of global economic prospects and the current strong fundamentals of the market, reflected in the low levels of oil inventories, the eight participating countries have decided to make an adjustment (increase) of production of 137,000 barrels per day,” the Organization of the Petroleum Exporting Countries (OPEC) said in a statement.

The decision was taken via videoconference by eight energy ministers (from Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman) who in 2023 had agreed to voluntary cuts to support crude prices at that time.