A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to a small boost in oil production, citing a steady global economic outlook.
The group said after a virtual meeting on Sunday that it will raise oil production by 137,000 barrels per day in November, they same amount it announced for October. The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.
In a statement the group said the move was due to "a steady global economic outlook and current healthy market fundamentals." It added the production adjustments may be paused or reversed as market conditions evolve.
Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers` cartel, and Russia is the leading non-OPEC member in the 22-country alliance.
Along with Saudi Arabia and Russia, the group that met Sunday is made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their next meeting is scheduled for Nov. 2.
