The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday decided to raise oil output by 137,000 barrels per day (bpd) in November, following a similar increase in October.
The decision was announced after a virtual meeting of member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, OPEC said in a statement.
"In view of a steady global economic outlook and healthy market fundamentals, as reflected in low oil inventories, the eight countries will implement a production increase of 137,000 barrels per day in November from the previously announced additional voluntary cuts," OPEC said.
The group's additional voluntary production adjustment of 1.65 million bpd was first introduced in April 2023 and later extended until the end of 2026.
OPEC noted that these barrels may be returned in part or in full, depending on market conditions and in a gradual manner.
The eight countries will convene again on Nov. 2 to decide on further steps.
OPEC+ to ramp up oil output in November
OPEC+ to ramp up oil output in November
China will continuously build a robust domestic market to bolster its economy and counter external challenges in accordance with the requirements and arrangement from the annual Central Economic Work Conference, which put domestic demand at the forefront of eight key tasks for next year's economic work, according to experts.
The tone-setting conference was held in Beijing from Wednesday to Thursday in which the Chinese leadership decided priorities for the economic work in 2026.
Over the past four years, domestic demand has contributed an average of 86.4 percent to China's economic growth, according to the National Development and Reform Commission (NDRC), China's top economic planner.
"The top priority is to expand domestic demand as the key reason for this is that our demand is relatively weak. The first step here is figuring out how to increase consumption," said Chen Binkai, vice president of Central University of Finance and Economics.
Consumption has continued to play a leading role in the country's economic growth this year. In the first three quarters, final consumption expenditure contributed 53.5 percent to economic growth, an increase of 9 percentage points compared to the whole of last year.
The annual Central Economic Work Conference proposed that in 2026, a special campaign to boost consumption will be implemented in depth, the supply of high-quality goods and services will be expanded, policies on new and emerging industries will be optimized, unreasonable restrictions in the consumption field will be eliminated, and the potential of service consumption will be unleashed.
"Previously, much of the consumption we have encouraged is for manufactured goods. However, the growth rate of our service sector is not as ideal as that of the manufacturing sector. Therefore, increasing some investment to encourage consumption in the service sector may play a better role in stabilizing growth and expanding domestic demand," said Huang Qunhui, a researcher of the Institute of Economics under the Chinese Academy of Social Sciences.
Experts said that income is the primary factor determining consumption, and only by increasing residents' disposable income, can their consumption capacity be improved.
They also said that the conference, while emphasizing the promotion of consumption, also clearly pointed out the need to formulate and implement a plan to increase the income of urban and rural residents.
"The Third Plenary Session [of the 20th CPC Central Committee] mentioned the need to increase the proportion of residents' income, specifically the proportion of labor compensation within that income. The Fourth Plenary Session [of the 20th CPC Central Committee] further proposed implementing a specific income-increasing plan for urban and rural residents. Of course, consumption is not solely an income issue. We need to strengthen basic public services and improve our social security fund. If these issues are further improved and optimized, and residents have higher incomes, they will be more willing to spend more on consumption, especially on development-oriented consumption," said Huang.
Expanding domestic demand remains top priority for China's economic work in 2026: experts
