Eight members of the OPEC group, including Saudi Arabia and Russia, have collectively agreed to a slight boost in oil production, adding 137,000 barrels per day starting in November.
This modest increase is designed to help the countries strategically expand their overall presence in the global market while still maintaining stability in oil prices.
The decision, announced after an online meeting on Sunday, comes amid a relatively stable global economic outlook and what the group described as "healthy market fundamentals" reflected in low oil inventories.