OPEC+ Alliance Agrees on Modest Oil Production Boost Amid Steady Economic Outlook
The OPEC+ alliance, after a virtual meeting, announced an increase of oil production by 137,000 barrels per day for November, following the same increase in October. This decision reflects a steady global economic outlook. Saudi Arabia and Russia play key roles in this alliance’s decisions.
The OPEC+ alliance, comprising oil-exporting nations, has agreed to a modest increase in oil output, citing a stable global economic environment. The alliance will boost production by 137,000 barrels per day in November, continuing the increase from October.
This increment comes amidst ongoing adjustments after previously announced production cuts for 2023 and 2024. The alliance emphasized that the decision reflects current market conditions, although they remain open to pausing or reversing this strategy as necessary.
Saudi Arabia and Russia are key players within the 22-member coalition, which also includes nations like Iraq, the UAE, and Kuwait. Their next meeting is scheduled for November 2, where further strategies may be discussed.
(With inputs from agencies.)
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