The reported $500,000 BPD production increase fake news dropped the price of Brent $6.00 a barrel
The Organization of the Petroleum Exporting Countries and its partners (OPEC+) shared in a statement on Sunday that crude production will be raised by 137,000 barrels per day (bpd) in November. Among the eight countries, which will be hiking their outputs in the coming month, Saudi Arabia and Russia will have the largest increase and raise their production by 41,000 bpd. The next meeting will be held on November 2. “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments,” the cartel detailed.
