OPEC+ Nations to Decide December Production, Saudi Arabia Focuses on Market Share
OPEC+ nations, excluding Saudi Arabia and Russia, have confirmed their commitment to adjusting oil production as required. The group, comprising Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates, will reconvene on November 2 to decide their December production policy.
In September, the Brent oil price dipped to approximately $65 per barrel. Despite this, OPEC+ has decided to extend its production, planning to add 1.37 million barrels daily to the world market in November. The group cited 'stable global economic prospects' and low oil inventories for this decision.
Analysts, including Kim Fustier of HSBC, suggest that Saudi Arabia, a key player in OPEC+, is more focused on regaining market share than maintaining a high or stable oil price. This strategy is supported by the recent production increase decisions made by the eight nations led by Saudi Arabia and Russia.
The eight OPEC+ nations, excluding Saudi Arabia and Russia, have reaffirmed their intention to adjust production as needed. They will meet again on November 2 to decide their December production policy, with analysts noting Saudi Arabia's focus on market share over oil price stability.
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