Overview
- OPEC+ approved a 137,000 barrels‑per‑day increase for December while the eight participating members will pause further increments in January, February and March 2026.
- Brent hovered near $65 and WTI around $61 after the decision, with prices edging higher initially before steadying as traders weighed surplus risks.
- Sources said Russia pressed for the pause as new U.S. and U.K. sanctions on Rosneft and Lukoil complicate its exports, giving the group time to gauge sanctions’ effects.
- Chinese refiners have canceled or delayed some Russian cargoes, with Rystad estimating roughly 400,000 bpd of flows affected, while a Ukrainian drone strike hit the Tuapse oil port.
- Since April, OPEC+ has restored roughly 2.7–2.9 million bpd of quotas; forecasts diverge on 2026 with several analysts warning of surplus and Morgan Stanley nudging its Brent outlook to $60.