OPEC+ Announces Modest Oil Production Increase for November

OPEC+ will raise oil production by 137,000 barrels per day in November 2025, matching October’s increase. The group increased output gradually throughout the year after cutting production in 2023 and 2024. Leaders cite stable global economic conditions and strong market fundamentals as the reason for the rise. They also noted that the plan could change if market conditions shift. OPEC+ includes 22 oil-exporting countries. Saudi Arabia plays a key role, and Russia is the main non-OPEC member. Other participants include Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. The coalition will hold its next meeting on November 2, 2025.