Opec+ Boosts Oil Supply by 137,000 Barrels Daily in November
Opec+ has announced a significant increase in oil supply, adding 137,000 barrels per day in November. The decision comes amid a stable global economic outlook and low oil inventories.
The Opec+ alliance, led by Saudi Arabia and Russia, is composed of eight countries: Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates. They have been gradually reversing earlier production cuts, a course they continue to maintain.
Analysts suggest that Saudi Arabia's focus is on regaining market share rather than keeping the oil price high or stable. Despite a slight decrease in the Brent oil price to around $65 per barrel in September, the group remains confident in the global economic outlook. The next Opec+ conference, scheduled for November 2, will see the eight countries decide on their production policy for December.
Opec+ is increasing its oil supply in November, reflecting a stable global economic outlook and low oil inventories. The alliance, led by Saudi Arabia and Russia, will reconvene on November 2 to set the framework for December's production policy.
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