Key Points
- A key group of OPEC+ nations will increase oil production by 137,000 barrels per day in November.
- This is the same small increase that was approved for October.
- The group cited a “steady global economic outlook” as the reason for the boost.
- OPEC+ has been gradually increasing production this year, following deep cuts in 2023 and 2024.
A key group of oil-producing nations, part of the OPEC+ alliance, has agreed to another small increase in oil production for November. The group decided on Sunday to raise output by 137,000 barrels per day, the same modest boost it had approved for October.
The decision was made during a virtual meeting of a core group of OPEC+ members, which includes heavyweights Saudi Arabia and Russia. In a statement, the group said the increase was justified by a “steady global economic outlook and current healthy market fundamentals.”
This is the latest in a series of small, incremental production hikes throughout the year. The alliance had previously made deep cuts to its output in 2023 and 2024 to support prices, but it is now slowly bringing that supply back to the market.
However, the group also made it clear that this plan is not set in stone. They added that the production increases could be “paused or reversed” if market conditions change.
The OPEC+ alliance, comprising 22 countries, is a significant force in the global oil market. The core group, which also includes Iraq, the UAE, and Kuwait, met on Sunday and will reconvene on November 2 to decide on their next move.
