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OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
Oil prices recovered modestly in today after the OPEC+ alliance confirmed a small production increase of 137,000 barrels per day for November, matching the rise announced for October. The restrained decision eased fears of a larger supply boost.
West Texas Intermediate (WTI) US Oil price hovers below $61.50 on Monday, up 0.9% for the day, after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decided to raise production by only 137,000 barrels per day (bpd) starting in November.
November WTI crude oil (CLX25 ) on Monday closed up +0.81 (+1.33%), and November RBOB gasoline (RBX25 ) closed up +0.0411 (+2.21%). Crude oil and gasoline prices moved higher on Monday after OPEC+ agreed to a smaller-than-expected increase in its crude production levels. Also, reduced Russian crude production is supporting...