The eight members of the OPEC+ group, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil production further by 137,000 barrels per day (bpd) in November, according to an OPEC statement on Sunday.
The output rise reflects a partial and gradual return of the 1.65 million bpd additional voluntary cuts announced in April 2023.
The group cited a steady global economic outlook and healthy market fundamentals, supported by low oil inventories.
The countries also reaffirmed their commitment to closely monitor market developments and maintain full flexibility to pause or reverse the adjustments, including the 2.2 million bpd voluntary cuts announced in November 2023.
At their previous meeting on Sept. 7, the eight producers had decided to raise output by the same amount of 137,000 bpd for October. That decision had led to market expectations of a similar increase for November, which has now been confirmed.
The next meeting of the eight-member OPEC+ group is scheduled for Nov. 2.
- OPEC+ production cuts
OPEC+ production cuts reached 5.85 million bpd in March, equivalent to around 5.7% of global demand. These cuts reflect cumulative measures announced by member countries since late 2022, including the 2 million bpd reduction in October 2022, the 1.65 million bpd voluntary cut by eight members in April 2023, and the 2.2 million bpd additional reduction in November 2023.
Member countries had planned to fully return the 2.2 million bpd cut by the end of September and began a gradual rollback of the 1.65 million bpd cut last month.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr
