 "oil, crude oil, oil pipeline,")
The latest decision of the Organisation of Petroleum Exporting Countries and its allies, commonly known as Opec+, to boost output is being seen as an attempt to regain market share lost to the US, Brazil, and other oil producers, who have been increasing production recently.
The grouping had effected two voluntary production cuts in the past — first 1.66 million barrels per day (bpd), announced in April 2023, and the second of 2.2 million bpd with effect from November 2023. Beginning April this year, Opec+ had been increasing production every month. The latest September production increase fully reversed the 2.2
