Saudi Arabia, Russia and six other members of Opec+ on Sunday decided to raise their production quotas by 137,000 barrels per day in November, as they continue to push for greater market share.

"In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day" from October's levels, the group said in a statement after an on-line meeting.

The increase was less than many analysts expected, with the cartel seeking to avoid pressuring prices amid weak demand.

"OPEC+8 stepped carefully after witnessing how nervous the market had become" in light of market rumours that production could be hiked by 500,000 barrels a day, sai

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