OPEC+ countries have agreed to raise petroleum production.
According to details surfaced on Sunday, the daily oil output will increase by 137,000 barrels next month. The Organisation of the Petroleum Exporting Countries (OPEC) and Russia plan to increase production, which will boost oil supply in the market.
Also Read: OPEC+ makes another large oil output hike in market share push
It is pertinent to note that in August, OPEC+ agreed to raise oil production by 547,000 barrels per day for September, to regain market share, as concerns mounted over potential supply disruptions linked to Russia.
The move marked a full and early reversal of OPEC+'s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4% of world demand.
