OPEC+ is increasing oil production by 137,000 barrels in November.

Important Production Decision from OPEC+ Member Countries

The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries that form the OPEC+ group have decided to increase oil production by 137,000 barrels per day in November with the participation of 8 member countries.

Decisions Made After the Meeting

In a statement made by OPEC, it was noted that important players such as Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to evaluate global market conditions.

During this time, discussions were also held regarding the 1.65 million barrels per day voluntary production cuts announced in April 2023. The statement emphasized that a stable global economic outlook and low oil stocks support the current healthy market fundamentals.

Production Increase and Future Plans

OPEC+ countries had also decided to increase production by 137,000 barrels per day at their last meeting held on September 7. This situation strengthened expectations for a similar increase in quantity in November in the markets.

The group's next meeting is scheduled for November 2, and it was indicated that the decision made based on market conditions could be suspended or reversed.

Past Production Cuts

The OPEC+ group's production cuts had reached 5.85 million barrels per day in March. This represents a significant amount, corresponding to approximately 5.7% of global demand.

Among the cuts are the OPEC+ group's daily 2 million barrels production cut announced in October 2022 and the daily 1.65 million barrels voluntary cut announced in April 2023. These countries plan to reverse 2.2 million barrels of these cuts by the end of September, and last month they had started the gradual rollback of the 1.65 million barrels cut.