OPEC+ Eight to Boost Oil Output by 137,000 Barrels
Eight leading OPEC+ members — Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates — have agreed to increase oil production by a combined 137,000 barrels per day starting in November, compared to October levels, according to a statement released after the group’s meeting on Oct. 5.
OPEC data shows that Kazakhstan will raise its output by 7,000 barrels per day, setting its new production quota at 1.563 million barrels per day.
The organization said the decision reflects stable global economic prospects and strong market fundamentals, including low global inventories. OPEC+ members will continue to closely monitor market conditions and may adjust or suspend production increases if necessary.
The next OPEC+ meeting is scheduled for Nov. 2.
