A modest increase in oil production of 137,000 barrels per day for November has been agreed upon by OPEC and its allies (OPEC+).

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has agreed to a modest oil production increase of 137,000 barrels per day for November, following a consensus between Saudi Arabia and Russia, two of the group’s most influential members.

The decision, confirmed in a statement on OPEC’s website, reflects a cautious approach to balancing market share ambitions with price stability.

Russia, traditionally in favour of supply restraint to support prices, backed a limited adjustment, while Saudi Arabia pushed for a larger increase to defend its market share.

Source: newsthemegh.com