Overview

• Delegates from Russia, Saudi Arabia, the UAE, Iraq, Kuwait, Kazakhstan, Oman and Algeria convened to decide November production levels.
• The group completed reversing 2.2 million barrels per day of voluntary curbs by September and began a phased exit from an additional 1.65 million b/d with a 137,000 b/d rise in October.
• Reuters and Bloomberg report a baseline option of a further 137,000 b/d increase for November, with larger hikes also under consideration according to sources.
• The OPEC Secretariat publicly rejected a Bloomberg-sourced scenario of accelerating by 500,000 b/d over three months, calling the report inaccurate and misleading.
• A compensation plan requiring several members to offset 4.68 million barrels of earlier overproduction through July 2026 could constrain net increases.