OPEC+ plus to raise oil production by 137,000 barrels a day in November

OPEC+ will increase oil production by 137,000 barrels per day in November. This decision comes from eight member countries, including Saudi Arabia and Russia, as part of their strategy to boost market share. The adjustment follows a steady global economic outlook and low oil inventories.

Analysts had anticipated a larger increase, with concerns about price stability amid weak demand.

OPEC+ previously focused on high prices by limiting supply but shifted strategy to regain market share from other producers. While the International Energy Agency forecasts limited demand growth, OPEC is more optimistic.

Russia's production capabilities are currently constrained due to international pressures, and its reliance on oil sales abroad is increasing, particularly amid ongoing conflicts.