OPEC Plus announced on Sunday that Saudi Arabia, Russia, and six other member nations will increase their production quotas by 137,000 barrels per day for November as the cartel continues its push for greater market share. The group said the eight participating countries decided to implement the production adjustment from October levels after reviewing a steady global economic outlook and current healthy market fundamentals reflected in low oil inventories. The increase fell short of analyst expectations as the cartel sought to avoid pressuring prices amid weak demand.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Oman, and Algeria have raised their quotas by more than 2.5 million barrels daily over recent months. The cartel shifted strategy starting in April from maintaining high prices through limited supply to gaining market share from other producers such as the United States, Brazil, Canada, Guyana, and Argentina. The International Energy Agency forecasts oil demand will increase by only 700,000 barrels daily between 2025 and 2026.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Oman, and Algeria have raised their quotas by more than 2.5 million barrels daily over recent months. The cartel shifted strategy starting in April from maintaining high prices through limited supply to gaining market share from other producers such as the United States, Brazil, Canada, Guyana, and Argentina. The International Energy Agency forecasts oil demand will increase by only 700,000 barrels daily between 2025 and 2026.
