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NEW
YORK (AP) — A group of countries that are part of the OPEC+
alliance of oil-exporting countries has agreed to a small boost
in oil production, citing a steady global economic outlook.
The group said after a virtual meeting on Sunday that it will
raise oil production by 137,000 barrels per day in November,
they same amount it announced for October. The group has been
raising output slightly in a series of boosts all year, after
announcing cuts in 2023 and 2024.
In a statement the group said the move was due to “a steady
global economic outlook and current healthy market
fundamentals.” It added the production adjustments may be paused
or reversed as market conditions evolve.
Saudi Arabia holds significant influence in OPEC+ as the
dominant member of the OPEC producers’ cartel, and Russia is the
leading non-OPEC member in the 22-country alliance.
Along with Saudi Arabia and Russia, the group that met Sunday is
made up of Iraq, the United Arab Emirates, Kuwait, Kazakhstan,
Algeria and Oman. Their next meeting is scheduled for Nov. 2.
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