Overview

• OPEC+ will add 137,000 barrels per day in November, repeating October’s pace after traders had positioned for a larger boost.
• Brent rose back above $65 and WTI neared $62, with gains of roughly 1.5% following the smaller-than-expected move.
• The decision reconciled Saudi Arabia’s push for much bigger increases with Russia’s preference for a restrained step due to sanctions and limited capacity.
• OPEC+ cited a steady outlook and low inventories, kept flexibility to pause or reverse adjustments, and scheduled its next meeting for November 2 to set December levels.
• The group has raised targets by about 2.6–2.7 million bpd this year as it unwinds past cuts, while analysts and the IEA warn of weakening demand and a possible 2026 surplus.