OPEC+ has decided to increase oil output by 137,000 barrels per day (bpd) in October, following a virtual meeting on Sunday. This adjustment reverses a small portion of the voluntary production cuts implemented in April 2023.

• The group will ramp up oil production by an additional 137,000 barrels per day (bpd).
• Key organizations involved include the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+.
• The decision was made by eight participating countries, including Saudi Arabia and Russia, and comes after previously announced voluntary production cuts of 1.65 million bpd were extended until the end of 2026.