US EditionOPEC+ 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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Vienna, Austria. Saudi Arabia, Russia and six other key OPEC+ alliance members decided this Sunday to increase crude oil production by 137,000 barrels per day from November, confirming a sustained policy since April to recover market shares. At a virtual meeting, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman “decided to apply a production adjustment of 137,000 barrels per day,” said the Organization o…
OPEC+ agrees modest oil output hike from November amid Russia-Saudi strategy differences
OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), it said on Sunday, opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut.
Increase below the expectations of many analysts: the cartel tries to avoid exerting pressure on prices due to weak demand
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