Reuters: OPEC+ considers slight increase in oil production in December
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OPEC+ may agree to a slight increase in oil production quotas in December. About reports Reuters, citing informed sources.

According to the agency, the member countries of the association plan to increase production by another 137,000 barrels per day, which is about 0.1% of global supply.

The final decision is to be made on Sunday, November 2.

The countries participating in the negotiations include Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan, and Algeria.

Since April, OPEC+ has already increased its quotas by more than 2.7 million barrels per day, but the growth rate has slowed over the past two months.

The new Western sanctions against Russia also complicate the situation – Moscow may face difficulties in increasing production.

Amid fears of oversupply, the price of oil fell to $60 per barrel in October, but later rose to $65 due to sanctions against Russia and optimism about the recovery of global trade.

Analysts predict that OPEC+ will continue to act cautiously, increasing production only if there is a real threat of a supply shortage.