OPEC+ to Raise Oil Production by 137,000 Barrels per Day
Alliance Cites Steady Global Economic Outlook
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NEW YORK — A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to a small boost in oil production, citing a steady global economic outlook.
The group said after a virtual meeting on Oct. 5 that it will raise oil production by 137,000 barrels per day in November, they same amount it announced for October.
The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.
In a statement the group said the move was due to “a steady global economic outlook and current healthy market fundamentals.”
OPEC Press Release
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production — OPEC (@OPECSecretariat)
It added the production adjustments may be paused or reversed as market conditions evolve.
Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers’ cartel, and Russia is the leading non-OPEC member in the 22-country alliance.
Along with Saudi Arabia and Russia, the group that met Sunday is made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their next meeting is scheduled for Nov. 2.
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