Crude oil: Opec+ to raise production by 137,000 bpd from November; group stays cautious amid supply glut fears

Saudi Arabia, Russia and six other members of Opec+ on Sunday decided to raise their oil production quotas by 137,000 barrels per day (bpd) for November, continuing efforts to reclaim market share amid cautious demand projections, AFP reported.

“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from October’s levels,” Opec+ said in a statement after an online meeting.