OPEC+ Increases Oil Production: Regional and Global Perspectives on Energy Market Changes
The global oil industry is experiencing dynamic shifts that significantly impact economies worldwide, including Ukraine.
Since April this year, OPEC+ member countries have begun gradually lifting previous production restrictions, increasing their quotas by over 2.5 million barrels per day.
This increase accounts for about 2.4% of global demand and indicates optimistic forecasts regarding global economic development and market stabilization.
According to official statements from the organization’s press service, in November 2023, additional production hikes of 137 thousand barrels daily are expected, building on the previous voluntary cuts totaling 1.65 million barrels per day established in April.
These decisions are driven by the goal to balance the market and consider the current low levels of global oil reserves.
Russia has taken the lead in proposing the 137-thousand-barrel increase, while Saudi Arabia advocated for more substantial growth—ranging from 274 to 548 thousand barrels daily.
OPEC+ emphasizes that these measures are aligned with positive economic forecasts and favorable oil market conditions, supported by high levels of global activity.
The alliance, comprising the world’s leading energy exporters, accounts for approximately half of worldwide oil production.
Its decisions have profound implications not only for the global economy but also for Ukraine’s internal energy sector, which remains a significant consumer and importer of oil and related products.