OPEC+ to boost oil output by 137,000 barrels per day in November
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced on Sunday that the group will increase crude oil production by 137,000 barrels per day (bpd) starting in November, Azernews reports.
The modest output hike will be shared among eight member countries, with Saudi Arabia and Russia accounting for the largest individual increases — each set to boost production by 41,000 bpd.
In its official statement, OPEC+ emphasized that the decision reflects the group’s ongoing commitment to supporting market stability and responding cautiously to shifting global demand.
“Member countries will continue to closely monitor and assess market conditions,” the statement read. “In their continuous efforts to support market balance, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments if necessary.”
The next ministerial meeting of OPEC+ is scheduled for November 2, where members are expected to reassess market dynamics and adjust their strategy accordingly.
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