OPEC+ to meet as oil prices cross $70 per barrel
OPEC+ (OPEC, Russia, and other allies) is set to meet on October 5, 2024, to talk about raising oil output by at least 137,000 barrels a day.
This comes as oil prices have risen above $70 per barrel and the group wants a bigger slice of the market.
Together, these countries produce nearly half of the world's oil.
Production quotas increased by over 2.5 million barrels per day
Back in April, OPEC+ switched from cutting to increasing production—partly after pressure from US President Donald Trump to keep prices lower.
Since then, they've bumped up quotas by over 2.5 million barrels per day. Still, many members are struggling to actually hit those targets because of capacity issues.
Recent events like Ukrainian drone strikes on Russia's energy infrastructure have also pushed prices above $70 a barrel again.