"A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to a small boost in oil production, citing a steady global economic outlook. The group said after a virtual meeting on Sunday that it will raise oil production by 137,000 barrels per day in November, the same amount it announced for October. The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024."
"In a statement, the group said the move was due to "a steady global economic outlook and current healthy market fundamentals." It added the production adjustments may be paused or reversed as market conditions evolve. Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers' cartel, and Russia is the leading non-OPEC member in the 22-country alliance."
OPEC+ will increase oil production by 137,000 barrels per day in November, matching the October increase. The alliance has implemented a series of small output boosts throughout the year after making cuts in 2023 and 2024. The adjustment was attributed to a steady global economic outlook and healthy market fundamentals. The group said production adjustments could be paused or reversed if market conditions change. Saudi Arabia is the dominant OPEC member and Russia the leading non-OPEC member within the 22-country alliance. The meeting included Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman; the next meeting is Nov. 2.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]