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OPEC+ agrees modest oil output hike from November: Report
OPEC+ will raise oil output by 137,000 barrels per day in November, continuing a cautious approach amid differing views from Saudi Arabia and Russia, insiders said.
- OPEC+ countries are set to announce a modest oil production increase of 137,000 barrels per day from November during their meeting Sunday.
- The decision reflects contrasting preferences, with Saudi Arabia advocating for a substantial increase in production to expand its market presence, while Russia favors a smaller rise to prevent downward pressure on oil prices.
- The group, which had earlier cut output by 5.85 million bpd and started easing cuts recently, aims to stabilize the volatile global oil market amid sanctions and shifting demand.
- India, importing nearly 90% of its crude and $137 billion worth in fiscal 2025, stands to benefit from easing prices that may reduce petrol and diesel costs.
- The production increase signals OPEC+'s intent to balance global supply, support market stability, and partially restore the two-year-long output cuts.
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Oil prices are rising after eight OPEC+ countries agreed to a more modest than expected increase in production quotas for November.
Lower than expected increase to support prices
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Coverage Details
Total News Sources148
Leaning Left16Leaning Right15Center28Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 27%
C 48%
R 25%
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