VIENNA, Nov 5 (NNN-APA) – The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday, decided to raise oil output by 137,000 barrels per day (bpd) in December.
The decision was announced following a virtual meeting of member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook, OPEC said in a statement.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day, from the 1.65 million barrels per day, additional voluntary adjustments announced in Apr, 2023. This adjustment will be implemented in December,” the statement said.
“Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February and March 2026,” OPEC added.
The group’s additional voluntary production adjustment of 1.65 million bpd was first introduced in Apr, 2023, and later extended until the end of 2026. OPEC noted that, these barrels may be returned in part or in full, depending on market conditions and in a gradual manner.
OPEC+ are scheduled to meet again on Nov 30, to decide on further actions.– NNN-APA
