Riyadh: The OPEC+ alliance, which includes major producers Saudi Arabia and Russia, has agreed to a modest increase in oil production of 137,000 barrels per day starting in December, the group said on Sunday.
The output rise will remain in effect for three months, marking a temporary pause in the steady production hikes that began in April this year.
The announcement came following a virtual meeting of the alliance’s key members. The new increase was largely in line with market and analyst expectations, signaling a cautious approach to balancing global oil supply amid fluctuating prices and demand trends.
