OPEC+ to Boost Oil Output in October
Eight OPEC+ members have agreed to increase oil production in October, citing a stable global economic outlook and healthy market fundamentals, including low oil inventories.
In a virtual meeting on Sunday, the group announced a production adjustment of 137,000 barrels per day (bpd), drawn from the 1.65 million bpd voluntary cuts implemented in April 2023. The reduction may be phased out gradually depending on market conditions.
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The decision involves Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, who reaffirmed their commitment to market stability while retaining flexibility to pause or reverse voluntary production adjustments.
OPEC+, which supplies nearly half of the world’s oil, last raised output by 547,000 bpd for September.
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Officials said the new measure will also help accelerate compensation for overproduction, with compliance monitored by the Joint Ministerial Monitoring Committee (JMMC).
The alliance will continue to hold monthly meetings to assess market conditions, with the next scheduled for October 5.
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