The ministers of eight OPEC+ member countries, led by Saudi Arabia and Russia, decided in an online meeting to increase their oil supply by 137,000 barrels per day (bpd) starting in December.
The increase comes “in view of a stable global economic outlook and the current healthy market fundamentals, reflected in low oil inventories,” the Organization of the Petroleum Exporting Countries (OPEC) said in a statement from Vienna.
The rise will be applied “on top of the 1.65 million barrels per day (mbd) in additional voluntary adjustments announced in April 2023,” the oil group added, noting that the next meeting on the matter will be held on November 30.
