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3h ago

OPEC+ Approves Another 137,000-Barrel November Hike as Prices Slide

The move reflects a cautious compromise that maintains the slow unwind to avoid intensifying a growing surplus risk.

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)
Image
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

Overview

  • OPEC+ set a 137,000 bpd increase for November, matching October’s pace and extending the staged restoration of earlier cuts.
  • Saudi Arabia sought a larger boost to reclaim market share, whereas Russia backed the modest step given sanctions, strikes and limited spare capacity.
  • Brent settled below $65 on Friday after a weekly drop of about 8% as expectations for additional OPEC+ supply weighed on sentiment.
  • The IEA sees demand growth around 700,000 bpd in 2025–26 as non-OPEC supply climbs, fueling warnings of a potential glut later this year and into 2026.
  • The alliance reiterated flexibility to pause or reverse voluntary adjustments, pledged compensation for any overproduction and scheduled its next review for November 2.