OPEC+ near agreement to increase oil production

Pars Today – Informed sources report that OPEC+ is likely to approve a limited increase in oil production for December.

According to Reuters, eight key OPEC+ members have agreed to raise production by 137,000 barrels per day.

This modest increase comes after OPEC+ has already added more than 2.7 million barrels per day since April. However, in recent months, the pace of production growth has slowed due to forecasts of a global supply surplus.

New Western sanctions against Russia are cited as one of the challenges facing the planned production increase.

Oil price fluctuations, which reached a five-month low in October, are another factor influencing this decision. Analysts from major global banks had also predicted this modest production increase. / IRIB