OPEC+ to raise oil output by 137,000 barrels per day in November

OPEC+ countries have agreed to increase oil production by 137,000 barrels per day starting in November, the group said in a statement following a virtual meeting.

The largest output rise is expected in Saudi Arabia, where production will climb by 41,000 barrels per day.

The decision comes amid improving global economic stability and favorable market fundamentals.

“OPEC+ members reaffirmed the importance of a cautious approach and maintaining full flexibility to pause or reverse voluntary production adjustments if needed,” the statement said.