OPEC+ Nations Agree to Another Oil Production Boost
OPEC+ nations have agreed to another rise in oil production. Following a rise of 137,000 barrels per day (bpd) in October, they have decided to boost output by the same amount in November. The group, led by Saudi Arabia and Russia, will reconvene on November 2 to discuss further steps.
The latest decision was made at a virtual meeting of eight key countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This rise mirrors the 137,000 bpd rise seen in October.
The group's additional voluntary production adjustment of 1.65 million bpd, introduced in April 2023, has been extended until the end of 2026. This adjustment is part of OPEC+'s ongoing efforts to balance the global oil market.
OPEC+ nations have committed to a further rise in oil production in November, maintaining the 137,000 bpd rise seen in October. The group will continue to monitor the market and reconvene on November 2 to decide on future steps.
