OPEC+ to increase oil production further, Russia-Saudi Arabia remain divided
OPEC+ (that's OPEC, Russia, and some other oil producers) is looking to pump out even more oil starting November 2024.
They've already bumped up production by over 2.6 million barrels per day this year—about 2.5% of what the world uses daily.
As their October 5 meeting approaches, they're debating how much more to add: Saudi Arabia wants a bigger jump to grab market share, while Russia is leaning toward a smaller increase due to sanctions from the Ukraine conflict.
A compromise is being considered.
Why does this matter?
Earlier, OPEC+ had cut production sharply (up to 5.85 million barrels per day) to keep prices steady.
But since September, they've been loosening those cuts—so supplies are up and prices have dropped from $71 in July to an expected $58 by late 2024 as inventories grow.
If you care about fuel prices or global markets, these moves could hit your wallet or your travel plans down the line.