OPEC+ has announced plans to increase its oil production by 137,000 barrels per day (bpd) in November, following a similar increment in October.

• The decision was made during a virtual meeting by OPEC+ members, citing a steady global economic outlook and low oil inventories.
• Key organizations involved include OPEC and its allies, with participating countries such as Saudi Arabia, Russia, and the United Arab Emirates.
• This production increase is part of a plan to potentially return additional voluntary cuts, which totaled 1.65 million bpd and were first introduced in April 2023.