Overview

• Opec+ approved an additional 137,000 barrels per day starting in November, continuing its phased reversal of earlier voluntary cuts.
• The coalition cited stable global economic prospects and low inventories as the rationale for adding barrels.
• Oil prices rose after the announcement, with Brent at $65.37 and WTI at $61.69 on Monday, a move some analysts linked to tactical buying after a smaller-than-expected increase.
• The decision maintains a month-by-month management approach to supply following recent price softness, including Brent’s slide to about $65 in September.
• The eight-member group plans to meet on November 2 to set production policy for December.