OPEC+ Raises November Oil Production Quota To 39.7 Million Bpd

The required crude oil production from OPEC and its non-OPEC allies led by Russia is 39.694 million barrels per day (bpd) in November, OPEC said after the OPEC+ group decided to stick to the plan to ease the collective cuts by 400,000 bpd next month. During a short and uneventful meeting on Monday, the ministers of the OPEC+ coalition decided to proceed with increasing the group’s overall production by 400,000 bpd—the minimum the market was expecting. As per the decision, the ten OPEC members bound by the pact should produce no more…