OPEC+ countries to increase oil production by 137 thousand barrels per day

OPEC+ countries plan to increase oil production by 137 thousand barrels per day in November. The corresponding statement was published on October 5 on the organization's website.

"Given the stable prospects for the global economy and the current healthy fundamentals of the market, reflected in low oil reserves, the eight participating countries decided to adjust production by 137 thousand barrels per day," the material says.

In addition, the member States of the organization will now jointly review market conditions every month. It is noted that the next OPEC+ meeting will be held on November 2 this year.

Completed the barrel: oil prices withstood the OPEC+ meeting

Why oil is not getting cheaper despite the increase in production by the group's countries

On October 1, Evgeny Shatov, a partner at Capital Lab, reported that OPEC+'s decision to increase oil production in November would have a moderate impact on global prices. In his opinion, the market has already taken into account the October quota increase, and the short-term price reaction will depend on the volumes and signals of the cartel, including the trajectory for the fourth quarter and the beginning of next year.

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