The Organization of the Petroleum Exporting Countries and its partners (OPEC+) announced in a Sunday statement their decision to increase oil production by 137,000 barrels per day (bpd) in October from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. In a meeting that reportedly lasted only approximately 13 minutes, the group recommitted to “a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.” The next gathering is scheduled for October 5. The decision came after OPEC+ reportedly decided not to make changes to production baselines before 2027. The group previously advocated for cuts.
