OPEC+ to raise oil output by 137,000 bpd in December

Logo of OPEC

OPEC+ approved on Nov. 2 an additional oil production increase of 137,000 barrels per day (bpd) starting in December, according to a statement issued by OPEC.

The increase comes amid a stable outlook for the global economy and positive market fundamentals, reflected in declining oil inventories.

Asharq Business reported that the alliance’s virtual meeting was attended by Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.

Due to seasonal factors, the alliance also decided to freeze planned output hikes for the first quarter of next year, covering January, February, and March.

Member states reaffirmed that the additional voluntary cuts of 1.65 million bpd may be gradually reinstated, in whole or in part, depending on market conditions.

They stressed continued monitoring of the market, maintaining a “cautious approach,” and full flexibility to pause or reverse any voluntary adjustments, including the 2.2 million bpd in voluntary cuts announced in November 2023.