OPEC+ Agrees 137,000 bpd November Increase

OPEC+ agreed to raise November 2025 output by 137,000 barrels per day, the same modest increase applied in October. Eight members led by Saudi Arabia — including Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — backed the move, which the group said reflects a steady global economic outlook and healthy fundamentals with low inventories. OPEC+ retained flexibility to pause, reverse or return up to 1.65 million bpd of earlier voluntary adjustments and pledged to fully compensate for any overproduction; monthly reviews will continue with the next meeting on Nov. 2. Markets reacted by pushing Brent above $65 and WTI near $62 as traders scaled back bets on a larger reintroduction of supply, though prices remained down on the week. The decision is part of a cautious rollback of roughly 2.5 million bpd of cuts this year and comes amid analyst and IEA warnings that the gradual unwinding could create a 2026 surplus as supplies from the Americas grow.