A coalition of oil-producing nations within the OPEC+ alliance has decided to slightly increase crude output in November, citing stable global economic conditions and balanced market fundamentals. Following a virtual meeting on Sunday, the group announced a production hike of 137,000 barrels per day, matching the incremental rise implemented in October. This marks another step in a gradual reversal of output cuts previously enforced in 2023 and 2024.
In a formal statement, the alliance attributed the decision to “a steady global economic outlook and current healthy market fundamentals,” while noting that future adjustments could be paused or reversed depending on evolving market dynamics.
Saudi Arabia continues to play a central role within OPEC+, serving as the leading force among the Organization of the Petroleum Exporting Countries, while Russia remains the most influential non-OPEC member in the 22-nation coalition. The Sunday meeting included representatives from Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, alongside the two major powers. The next official gathering is set for November 2.
The measured approach reflects a cautious strategy aimed at maintaining price stability without flooding the market, even as demand signals remain consistent across major economies.
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OPEC+ to raise oil production by 137,000 barrels per day in November
NEW YORK — NEW YORK (AP) — 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. n nThe group said after a virtual meeting on Sunday that it will raise oil production by 137,000 barrels per day in November, they 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. n nIn 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. n nSaudi 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. n nAlong with Saudi Arabia and Russia, the group that met Sunday is made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their next meeting is scheduled for Nov. 2.