NEW YORK CITY, New York: The OPEC+ alliance of oil-producing nations said it will raise production by 137,000 barrels per day in November, maintaining its recent pattern of small monthly increases as global demand and economic indicators remain steady.

The modest boost matches the group’s output increase for October and reflects a cautious approach after deep supply cuts through 2023 and 2024 that helped stabilize prices.

In a statement following a virtual meeting, the group said the decision was based on “a steady global economic outlook and current healthy market fundamentals.” It added that future adjustments “may be paused or reversed depending on market conditions.”

The OPEC+ alliance, made up of members of the Organization of the Petroleum Exporting Countries and key partners led by Russia, has been gradually unwinding the steep production cuts that began in late 2022. The reductions, initially exceeding 2 million barrels per day, were aimed at shoring up prices amid global uncertainty and weaker energy demand.

Saudi Arabia, the dominant member of OPEC, continues to wield significant influence over the coalition’s decisions. Russia, the largest non-OPEC producer in the group, also remains a key player in balancing production levels against global demand and Western sanctions.

Along with Saudi Arabia and Russia, the group that met includes Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.