OPEC+ Sticks With 137,000 bpd Output Increase for November

Overview

• Saudi Arabia and Russia will each add 41,000 bpd, followed by Iraq (18,000), the UAE (12,000), Kuwait (10,000), Kazakhstan (7,000), and Algeria and Oman (4,000 each).
• The move matches October’s increment and continues the phased restoration begun in April to rebuild market share after earlier voluntary cuts.
• Brent and WTI gained roughly 1%–1.5% on Monday and were flat on Tuesday as traders weighed IEA warnings of rising inventories and stronger supply from the Americas.
• OPEC+ said it will closely monitor conditions and may pause or reverse voluntary adjustments, with the next meeting scheduled for November 2.
• The group dismissed reports of a potential 500,000 bpd hike as inaccurate, and the nine‑minute meeting reflected a pre‑agreed plan after Saudi Arabia and Russia bridged earlier differences.