After the October production hike, OPEC+, the group comprising the Organisation of the Petroleum Exporting Countries plus Russia and some smaller producers, has decided to raise oil output by 137,000 barrels per day (BPD) from November. OPEC+ has increased its oil output targets by more than 2.6 million bpd this year, equating to about 2.5 per cent of global demand. The shift in policy after years of cuts is designed to regain market share from rivals such as U.S. shale producers.

Last week, the global crude oil price slumped heavily. Brent crude oil futures declined 8.1 per cent to close at 64.53 dollars a barrel on Friday, while US crude tumbled 7.4 per cent during the week to end at 60.88 dollars per barrel.