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7h ago

OPEC+ Denies Talk of 500,000-Barrel November Hike as Markets Recalibrate

The official pushback keeps focus on Sunday’s ministerial decision after days of rumor-driven volatility.

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
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Overview

  • OPEC’s Secretariat labeled reports of a 500,000 bpd plan as “wholly inaccurate and misleading,” saying ministerial discussions have not started.
  • Source-based accounts still describe November options from roughly 274,000 to as high as 500,000 bpd, with Russia signaling unease about a larger move.
  • Goldman Sachs forecasts a roughly 140,000 bpd quota increase for November, citing firm Asian demand and weaker-than-expected Russian output.
  • Eight core OPEC+ members meet online on Oct. 5 to set November quotas after raising announced limits by more than 2.5 million bpd since April.
  • Oil prices steadied after a two-day slide as traders weighed the larger-hike chatter against a reported 3.67 million-barrel U.S. crude draw and stronger EIA monthly figures.