OPEC+ to Boost Oil Output Amid Power Struggle
OPEC+ is set to increase oil production from November, as Saudi Arabia advocates for a larger boost to regain market share, while Russia prefers a modest rise due to sanctions. This decision marks a strategic shift from previous cuts aimed at balancing the market.
In a pivotal move, the OPEC+ coalition is gearing up to enhance oil production starting November, signaling a shift from its previous policy of output cuts.
Saudi Arabia is leading the call for aggressive production increases to regain a firmer grip on global market share, while Russia, facing Western sanctions related to its conflict in Ukraine, is advocating for a more cautious approach. The tension between the two oil giants highlights differing strategic interests within the group.
The OPEC+ collective, which includes the Organization of the Petroleum Exporting Countries along with Russia and other key oil producers, will deliberate on the extent of the increase in an online meeting set for Sunday.
(With inputs from agencies.)
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