Representatives of the countries in the oil cartel, including Saudi Arabia and Russia, met in a remote meeting on Sunday, where they decided to increase production by the equivalent of 137,000 barrels per day starting in December.
The increased production follows previous decisions to slowly ease the taps in October and November.
The announcement of the production increase comes despite the fact that the international energy agency IEA, among others, has assessed that supply exceeds demand by around 3 million barrels a day during the current quarter, a surplus that is expected to increase further next year.
But in reality, the surplus has not been that large, partly as an effect of some countries not being able to pump up as much oil as they want.
The price of oil on the world market has fallen by 13–14 percent since the turn of the year.
