OPEC+ Expected to Raise October Oil Production Amid Slowing Demand

OPEC+ is expected to announce an increase in oil production for October, though the planned rise will likely be smaller than recent monthly increases due to concerns about slowing global demand after the summer driving season. Since April, OPEC+ has reversed earlier output cuts, raising quotas by approximately 2.5 million barrels per day to regain market share and under pressure from U.S. President Donald Trump to lower oil prices. Despite these increases, oil prices have remained resilient near $66 a barrel, supported by Western sanctions on Russia and Iran and increased production from rival producers like the United States. The group's upcoming output hike, agreed in principle to be at least 135,000 barrels per day but possibly as high as 350,000 barrels, will begin to unwind a second layer of deeper cuts totaling around 1.65 million barrels per day more than a year ahead of schedule. Most OPEC+ members are producing near capacity, leaving Saudi Arabia and the United Arab Emirates as the primary contributors to the output rise. Brent crude futures have recently settled lower ahead of the meeting but remain significantly above the lows seen earlier in 2025.