OPEC+ to increase oil output in October
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, have decided to ramp up oil output by 137,000 barrels per day (bpd) in October.
OPEC made the announcement in a statement on its website after a virtual meeting with members on Sunday.
The participating countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook.
“The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in April 2023,” the statement said.
It noted that the global economic outlook is steady, and current market fundamentals are healthy, which is reflected in the low oil inventories.
The 1.65 million barrels per day (bpd) may be returned in part or in full, subject to evolving market conditions, and in a gradual manner, OPEC+ said.
First announced in April 2023, the voluntary production cuts of 1.65 million bpd were later prolonged to the end of 2026.
The eight countries will meet on October 5 for the next meeting.
(Xinhua/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Orphanage managers urge sustained support for vulnerable children
They urged Nigerians to sustain support for vulnerable children through donations, volunteer services and other humanitarian interventions.
NationWide
Peace Corps seeks inclusion in security reform, cites 187,000-member capacity
He said the organisation’s nationwide network could strengthen grassroots security and enhance national peace-building efforts.
World
Dozens killed in China flooding, 900 venomous snakes on loose
Amid ongoing efforts to tackle the flooding disaster, at least 900 snakes, including cobras escaped from breeding farms into the flood water.
World
Spanish researcher names newly-discovered mollusk species after Cape Verde’s World Cup hero Vozinha
Vozinha’s display in the country’s goalless draw against Spain powered the goalkeeper to global stardom.
Africa
Envoy pledges robust engagement, collaboration between Nigeria, Benin
“We want to see better integration of our peoples and enhanced collaboration in terms of commerce that will facilitate trade across the borders,” she said.
NationWide
Lawmaker backs legislative bill on femicide
The bill seeks to prevent femicide in the country.
