Eight OPEC+ countries said on Sunday they would implement a production adjustment of 137,000 barrels per day (bpd) in November, reducing part of the additional voluntary cuts announced in April 2023, the group said in an OPEC press release.
The eight countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually to review global market conditions and outlook.
The OPEC statement said the adjustment stems from “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”
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