A view of the OPEC pavilion on the COP28 grounds. Hannes P Albert/dpa
The oil cartel OPEC+ will increase its production in November and pump out an additional 137,000 barrels daily, the eight member states led by Saudi Arabia and Russia decided during an online meeting on Sunday.
The group is continuing its course of recent months, gradually reversing earlier cuts to daily production. It justified the move by citing “stable global economic prospects” and low oil stock levels.
OPEC+ includes Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates. A barrel of oil contains 159 litres.
Analysts see a battle for market share behind move
The group reiterated that it would adjust its course as needed. In September, the price of Brent crude oil fell to around $65 per barrel, marking a slight decline compared to the previous month and a significant drop compared to September 2024.
Analysts believe that Saudi Arabia, in particular, is focusing less on maintaining high or stable oil prices and more on regaining market share. The eight member states are set to meet again on November 2 to decide on their production policy for December.