Overview

• OPEC confirmed an additional 137,000 barrels per day for November following an online meeting of eight members including Saudi Arabia and Russia.
• The OPEC Secretariat earlier rejected reports of a 500,000 bpd increase, calling the claims inaccurate and misleading.
• Analysts described the move as a measured adjustment designed to calm a nervous market after Brent slid below $65, roughly an 8% weekly drop.
• Since April, the group has restored more than 2.5 million bpd of quotas as it pivots to recapture market share while U.S., Brazil, Canada, Guyana and Argentina approach record output.
• Forecasts highlight a supply–demand mismatch, with the IEA seeing about 700,000 bpd demand growth in 2025–2026, as Russia faces limited spare capacity and refinery strikes have redirected more crude to exports.