Overview

• Ministers meeting online endorsed a 137,000 barrels-per-day quota lift for November, according to an OPEC statement.
• The increase is far smaller than the rumored 500,000 barrels per day that the OPEC Secretariat publicly rejected as inaccurate.
• Since April, Saudi Arabia, Russia and six partners have restored more than 2.5 million barrels per day in quotas as the group pivots to reclaim market share.
• Brent crude fell below $65 with an approximately 8% weekly drop, reflecting concerns over oversupply and tepid demand growth.
• Analysts say Russia’s limited spare capacity and refinery disruptions from Ukrainian strikes made a bigger hike risky, rendering the smaller adjustment manageable.