The eight OPEC+ countries have decided to continue to increase oil production in October by 137,000 barrels per day (bbl/d), which is lower than the increases of September and August of by about 555,000 bbl/d, according to a statement released by OPEC.
Led by Saudi Arabia, the group is seeking to reclaim market share but is raising output more gradually than in prior months, anticipating a slowdown in global demand, according to Reuters.
This decision was the result of the steady global economic outlook and current healthy market fundamentals.
The eight countries said they retain full flexibility to suspend or reverse the additional voluntary production cuts, which include the 2.2 million barrels per day reduction announced in November 2023. They also reiterated their commitment to completely offset any excess production that has occurred since January 2024.