OPEC+ Sticks to Modest Output Increase for November

OPEC and its allies on Sunday agreed to a modest oil output increase, maintaining their cautious approach to avoid a price slump while securing more revenue. Eight OPEC+ members, led by Saudi Arabia, will raise production by 137,000 barrels per day in November, matching October’s increase, the group announced after an online meeting. The move continues the cartel’s gradual unwinding of earlier production curbs totaling about 1.65 million barrels per day introduced in 2023. A previous layer of cuts, amounting to 2.2 million barrels per day, was already fully reversed in September — a year ahead of schedule.