Overview
- Eight core members approved the adjustment in a virtual meeting, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
- OPEC+ said it will monitor market conditions closely and retains the option to pause or reverse voluntary changes.
- The small hike contrasts with market speculation that November’s increase could reach as much as 500,000 barrels per day.
- Oil prices showed modest relief after the announcement, with Brent moving back above $65 and WTI near $61.
- Since April the alliance has restored roughly 2.5 million barrels per day as it balances market share against growing non‑OPEC supply and IEA warnings of a 2026 surplus.