A group of countries in the OPEC+ alliance has agreed to a small boost in oil production, citing a steady global economic outlook. After a virtual meeting on Sunday, it announced an increase of 137,000 barrels per day in November, the same amount as October. The group has been raising output slightly throughout the year after announcing cuts in 2023 and 2024. It stated the move is due to “a steady global economic outlook and current healthy market fundamentals.” The production adjustments may be paused or reversed as market conditions evolve. The next meeting is scheduled for Nov. 2.
