OPEC+ Plans Modest November Oil Output Rise Amid Global Price Volatility

OPEC+ plans to increase oil production by 137,000 barrels per day starting November, continuing a gradual return of output cuts made in April 2023. This modest increase was less than some market speculations of a 500,000 bpd rise, reflecting differing views within the group’s major producers like Saudi Arabia and Russia. Despite the production hike, Brent crude prices fell below $65 per barrel amid forecasts of a supply glut in late 2025 and 2026 due to slowing demand and rising U.S. output. Market analysts are cautious as the restart of the Iraq/Kurdish pipeline and potential overproduction by some members might add to supply, while refinery maintenance and seasonal demand dips may weaken market sentiment. Additional geopolitical risks in the Middle East and supply concerns contributed to recent slight price increases. The U.S. market also saw a refinery fire and a decrease in oil rigs, factors influencing supply dynamics as OPEC+ adjusts production targets to balance market conditions.