Overview
- Eight producers led by Saudi Arabia and Russia approved the December increase and will pause further increments in January through March 2026, with an option to reinstate the 1.65 million bpd voluntary adjustment if conditions warrant.
- Brent and WTI ticked higher in early Asian trading after the pause was announced, with prices recovering to roughly $65 and $61 following October lows near $60.
- Since April, OPEC+ has restored roughly 2.7–2.9 million bpd of previously curtailed supply while retaining a separate group cut slated to run through end‑2026.
- New U.S. and U.K. sanctions on Rosneft and Lukoil, plus a Ukrainian drone strike on Russia’s Tuapse oil port, have added uncertainty to Moscow’s near‑term exports.
- Analysts cite seasonal demand softness and strong non‑OPEC output, including U.S. production at a record 13.8 million bpd, as key reasons for the cautious stance; the eight countries meet again on November 30.