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OPEC+ Sticks to Modest Oil Production Hike as Prices Fluctuate
6 Oct
Summary
- OPEC+ agrees to raise oil production by 137,000 barrels per day in November
- Oil prices rise but remain down on the week after potential OPEC+ increases
- Analysts concerned that supplies may surpass demand due to strong output from the Americas
On October 6, 2025, the OPEC+ group announced that it would raise oil production by 137,000 barrels per day in November, the same total it had announced for October. This decision came as a relief to the market, as there were concerns that OPEC+ might opt for a more significant production increase.
The news has had a mixed impact on oil prices. West Texas Intermediate (WTI) crude oil rose 1.31% to $61.68 a barrel, while Brent jumped 1.22% to $65.32 a barrel. However, prices are still down on the week, with WTI slipping 2.79% and Brent declining 3.90% over the past five days.
The OPEC+ group cited a "steady global economic outlook and current healthy market fundamentals" as the reasons behind its decision. However, a number of analysts, including those from the International Energy Agency, remain concerned that supplies are set to surpass demand, partly due to strong output from the Americas.
The next OPEC+ meeting is scheduled for November 2, 2025, and the group will likely continue to monitor the market closely in the coming weeks and months.
