Good news for Gulf residents: Fuel prices to drop as OPEC+ plans to increase oil production in November

Good news for Gulf residents! The OPEC+ alliance, which includes key Gulf oil producers like Saudi Arabia , the UAE, and Kuwait, has announced a modest increase in oil production. This move has already caused global oil prices to drop by more than 3%, a change that could mean real savings at the pump and for everyday expenses in the region. In an official statement, OPEC+ stated, "The eight OPEC+ countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023." The group emphasized that this decision reflects a "steady global economic outlook and current healthy market fundamentals," and noted that the production adjustments may be paused or reversed as market condition