Overview
- The eight participating members — Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan and Algeria — approved a 137,000 bpd increase for December and will halt further increments in January, February and March 2026.
- Brent traded near $65 a barrel and WTI around $61 after the decision, recovering from a five‑month low near $60 reached in late October.
- The pause follows mounting surplus forecasts from the IEA and major banks, even as OPEC producers such as the UAE insist demand remains strong.
- New U.S. and U.K. sanctions on Rosneft and Lukoil and a Ukrainian drone strike on Russia’s Tuapse port added uncertainty over Russia’s ability to deliver barrels.
- Non‑OPEC supply stays strong with U.S. output at a record 13.8 million bpd, and Morgan Stanley lifted its 2026 Brent forecast to $60 after the OPEC+ update.