Eight oil-exporting countries within the OPEC+ alliance — Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to raise oil production by 137,000 barrels per day starting in November. This was announced in a statement published on the OPEC website on Sunday, October 5, following a videoconference meeting of representatives from these countries.
The countries also reaffirmed their commitment to fully compensate for any excess production volumes since January 2024.
Earlier, on September 7, OPEC+ countries also agreed to raise oil production by 137,000 barrels per day, thereby offsetting previous production cuts of approximately 1.65 million barrels per day.
