Particle.news
Download on the App Store
10 ARTICLES
·
3h ago

OPEC+ Approves 137,000-Barrel November Output Increase

The decision reflects a compromise between Saudi expansion plans versus Russian capacity limits.

FILE - A rig and supply vessel are viewed in the Gulf of Mexico off the cost of Louisiana, April 10, 2011. AP Photo/Gerald Herbert, File)
People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov
An oil field in Saudi, Opec's largest producer
Russia is even more dependent on oil exports as Ukraine strikes hit its domestic refineries

Overview

  • The latest quota hike matches October’s pace and continues the unwinding of earlier voluntary cuts through monthly reviews.
  • OPEC+ has lifted targets by more than 2.6 million barrels per day this year as it seeks to reclaim market share from rival producers.
  • Brent traded below $65 on Friday after an 8% weekly slide, with traders focused on the risk of a growing surplus.
  • The group cited a steady outlook and low inventories, while the IEA sees demand growth of about 700,000 bpd in 2025–26, underscoring concerns about oversupply.
  • Saudi Arabia had pushed for a larger hike, Russia preferred restraint given sanctions and output limits near 9.25–9.45 mbpd, and the alliance kept flexibility to pause or reverse changes ahead of a Nov. 2 review.