Starting in December, OPEC+ will increase its crude oil supply to the market to 137,000 barrels per day, marking the organization’s ninth consecutive increase.

The decision was announced this Sunday, November 2, by the ministers of eight countries in the OPEC+ alliance, led by Saudi Arabia and Russia, who indicated that there will be no monthly increases between January and March 2026.

The measure was taken considering “a stable global economic outlook and current healthy market fundamentals, reflected in low oil inventories,” according to a statement issued in Vienna by the Organization of the Petroleum Exporting Countries (OPEC).

It was learned that the increase in oil supply will be applied “starting with the 1.65 million barrels per day (mbd) of additional voluntary adjustments announced in April 2023.”

The eight countries reiterated the importance of adopting a prudent approach and maintaining the flexibility to continue pausing or reversing the additional voluntary production adjustments.

M.Pino

Source: notitarde

(Reference image source: Snap Wander on Unsplash)

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In a virtual meeting, OPEC+, the eight energy ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to a further increase in oil production in November, of 137,000 barrels per day.

The alliance, led by Saudi Arabia and Russia, decided on this increase in a videoconference, the eighth consecutive monthly increase, in view of the “stability of the global economic outlook and the current strong market fundamentals, reflected in low oil inventory levels.”

The Organization of the Petroleum Exporting Countries (OPEC) announced the production increase in an official statement, noting that with these increases, “OPEC+ seeks to reverse two voluntary cuts from 2023. One of 2.2 mb/d, assumed primarily by Saudi Arabia and Russia, and another of 1.65 mb/d, shared among the eight members of the group.” Once the 2.2 mb/d have been returned to the market, next month’s increase will be offset by the 1.65 mb/d cut.

Analysts point out that through these decisions, OPEC+ seeks to regain market share by assuming lower prices, rather than the policy of propping up prices through sharp production cuts.

M.Pino

Source: elnacional

(Reference image source: Raff Liu on Unsplash)

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La entrada OPEC+ agrees to increase production in November apareció primero en Bitfinance.

Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

(Reference image source: Bidder Karim on Unsplash)

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La entrada OPEC+ agreed to increase production to 137,000 barrels per day in October apareció primero en Bitfinance.