"OPEC+" decides to increase oil production in November by 137,000 barrels per day

The eight member countries of the "OPEC+" group announced today, Sunday, their agreement to raise the oil production ceiling for the upcoming month of November by 137,000 barrels per day compared to the level of October.

The decision came during a virtual meeting attended by countries that had previously voluntarily reduced their production, namely: Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, the UAE, Oman, and Algeria.

According to the meeting results, the productions of Russia, Saudi Arabia, and Iraq will gradually increase, with Russia reaching 9.532 million barrels per day, Iraq reaching 4.255 million barrels, while Saudi Arabia will rise to 10.061 million barrels per day.

The group stated in its announcement that the decision comes "in light of improved global economic forecasts and declining oil inventories," emphasizing that it will continue to assess market conditions while maintaining the flexibility to halt or adjust these increases if necessary.

OPEC+ is scheduled to hold its next meeting on November 2 to discuss developments in the global energy market.