Link Securities | The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to a modest increase in production, easing market fears of a larger rebound. On Sunday, the oil-producing alliance agreed to increase its production by 137,000 barrels per day (bpd) in November, matching October’s increase, with markets viewing the move as cautious amid persistent concerns about potential oversupply.
OPEC+ described its latest move as a response to stable global economic prospects and healthy market fundamentals, noting that production adjustments may be paused or reversed if conditions change. By the end of September, it had already reversed a 2.2 million bpd production cut, a year ahead of schedule.
