Eight OPEC+ members have agreed to increase oil production by 137,000 b/d in November from October‘s level, which is significantly less than the anticipated increase.

In a statement released on Sunday, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman said the decision reflects a steady economic outlook and healthy market fundamentals.

The decision fell well short of market speculation of a potential increase of 548,000 b/d.

The November increase will be similar to October, but considerably lower compared to the larger monthly boosts of 547,000-548,000 b/d implemented during August and September.

“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” the statement reads.