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.