Khaberni - The eight member countries in the "OPEC+" group, which includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, have decided to adjust production by increasing it by 137,000 barrels per day from the total voluntary additional adjustments of 1.65 million barrels per day announced in April 2023. This adjustment will be implemented in November.
According to the Saudi Press Agency, the decision came after a meeting of the group's countries via video call today, Sunday, to review the latest developments and future outlook of the oil market, in addition to the decline in global oil inventories.
The group indicated that the reduction amounts of 1.65 million barrels per day might be partially or fully reinstated, gradually, depending on market conditions.
