OPEC+ increases oil production: why Russia and Saudi Arabia could not reach an agreement

The alliance of oil-producing countries united in OPEC+ announced an increase in oil production by 137,000 barrels per day starting in November. This initiative is aimed at reclaiming market share from competitors, particularly American shale oil producers.

The largest OPEC+ producers, Russia and Saudi Arabia, had disagreements over the pace of production increases. Moscow advocated for a moderate rise in output, while Saudi Arabia planned a significant ramp-up in production, having spare capacity and a desire to quickly restore its market position.

The OPEC+ alliance agreed to increase oil production, but there were strategic disagreements between the two largest players, Russia and Saudi Arabia, over the production ramp-up strategy. This could impact the global oil market and prices.