FX.co ★ OPEC+ Sticks to Modest Output Increase for November

On Sunday, OPEC and its allies reached a consensus to implement a moderate increase in oil production, reflecting a strategy to prevent price downturns while enhancing revenue streams. Led by Saudi Arabia, eight OPEC+ members will raise output by 137,000 barrels per day in November, mirroring the increase set for October, as announced following their virtual meeting. This decision reflects the group's ongoing strategy to gradually reverse the production curbs previously instituted, which totaled approximately 1.65 million barrels per day in 2023. Notably, an earlier reduction of 2.2 million barrels per day was already fully lifted by September, a full year ahead of the planned schedule.