OPEC+ will raise oil output by 137,000 bpd in November, maintaining a modest increase to address supply glut concerns. The group has increased output targets by over 2.7 million bpd this year to compete with U.S. shale producers. Brent prices fell below $65 per barrel, with predictions of a fourth-quarter supply glut due to slower demand and rising U.S. supply.

Russia and Saudi Arabia had differing views on output increases, with Russia advocating for modest increases to avoid price pressure and sanctions limitations. Saudi Arabia wanted larger increases to regain market share quickly. OPEC sees a steady global economic outlook and healthy market fundamentals with low oil inventories.

OPEC+ output cuts peaked in March at 5.85 million bpd, with plans to fully unwind cuts by the end of September. The group started removing the second layer of cuts in October, increasing output by 137,000 bpd. The eight producers will meet again on November 2.

Read more at Yahoo Finance: OPEC+ further raises oil production with modest hike from November