Overview

• Eight members approved a 137,000 barrels‑per‑day quota hike for November, matching October’s increase and citing low inventories and a steady outlook.
• The alliance will meet monthly, next on Nov. 2, with authority to pause or reverse increases and to compensate for any overproduction since January 2024.
• Saudi Arabia sought a much larger boost to recapture market share, while Russia backed the smaller move given sanctions and limited capacity around 9.25 million bpd.
• OPEC+ has raised targets by more than roughly 2.6–2.7 million bpd this year as it unwinds earlier cuts, reflecting a shift toward regaining market share.
• Brent and WTI rose about 1.4–1.5% after the decision, yet the IEA and analysts flag surplus risk into 2026 as non‑OPEC supply rises and Russia’s Kirishi refinery remains disrupted after a drone strike.