OPEC+ members to increase oil output by 137,000 barrels per day in November

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, eight key members of OPEC+, will increase oil output quotas by 137,000 barrels per day starting in November. This decision continues the group"s gradual unwind of previous production cuts amid stable global demand.

The increase in output is part of OPEC+"s ongoing strategy to adjust production levels in response to market conditions. The announcement reflects the organization"s efforts to balance supply and demand in the global oil market.

For more information on this development, see recent developments in OPEC+.