Opec+ to raise crude oil output by a modest 137,000 bpd from November

Opec+ agreed to a modest increase in its November oil production as group leaders Saudi Arabia and Russia overcame a difference in position.

- BLOOMBERG

The Organization of the Petroleum Exporting Countries and its allies will add 137,000 barrels a day next month, Opec confirmed in a statement on its website. Russia, which has previously pushed for restraint in supply boosts, favored an adjustment that would help to defend prices while Saudi Arabia — more mindful of market share — supported a larger addition, a delegate said prior to Sunday’s gathering.

Oil prices traded near a four-month low on Friday, a reminder of the careful balancing act for Opec and allies as they return supply to a market in surplus.