A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, Nov 30, 2023. [Photo/Agencies]
VIENNA - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday decided to ramp up oil output by 137,000 barrels per day (bpd) in October.
The announcement was made after a virtual meeting where member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook, according to a statement on the OPEC website.
"The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in April 2023," the statement said, noting that the global economic outlook is steady, and current market fundamentals are healthy, which is reflected in the low oil inventories.
The 1.65 million bpd may be returned in part or in full, subject to evolving market conditions and in a gradual manner, OPEC said.
First announced in April 2023, the voluntary production cuts of 1.65 million bpd were later prolonged to the end of 2026. The eight countries will meet on Oct 5 to make their following decisions.