Eight OPEC+ members have agreed to raise oil output by 137,000 b/d in November from October’s level — a smaller increase than the market had anticipated.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” the countries said in a joint statement.
The market speculated that the group would agree on a larger production increase of up to 548,000 b/d, with some reports suggesting that Saudi Arabia was pushing for a bigger increase, while Russia disagreed with this larger increase.
Brent crude prices have moved higher following the lower production increase.
