OPEC+decided to increase production by 137 thousand barrels per day for the month of November
The eight members of the group decided "OPEC Plus"The implementation of a production amendment of 137 thousand barrels per day of the total amounts of additional voluntary modifications amounting to 1.65 million barrels per day announced in April 2023, and this amendment will be implemented in November 2025. "OPEC+" Which includes the Kingdom of Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria and Oman, a meeting today, Sunday, October 5, to review the developments of the petroleum market and its future prospects. "OPEC+" In a statement it is "In light of the stable view of the global economy and the foundations of the current positive market, as evidenced by the decrease in petroleum stocks, the participating countries decided "Implementing a production amendment of 137 thousand barrels per day."
It is noteworthy that the amounts of reduction amounting to 1.65 million barrels per day may be partially or fully returned, according to the market variables. "The participating countries will continue to follow up and evaluate the market conditions accurately, and within the framework of their ongoing efforts to support the stability of the market, the eight countries again stressed the importance of adopting a cautious approach and retaining full flexibility to stop the additional volunteer production amendments or its opposite, including previous voluntary production modifications of 2.2 million barrels per day announced in November 2023.
