OPEC+ plans to raise oil production by 137,000 barrels per day in November

OPEC+ is expected to approve another production increase of 137,000 barrels per day at its meeting next Sunday, according to a report from Reuters on ￰0￱ follows months of output hikes since April, all aimed at regaining lost market share and taking advantage of higher oil ￰1￱ bloc, which controls around half of the world’s oil supply, includes the Organization of the Petroleum Exporting Countries, Russia, and a few other ￰2￱ reversing its output cut strategy earlier this year, OPEC+ has already raised quotas by over 2.5 million barrels per day, roughly 2.4% of global ￰3￱ reversal came under pressure from ￰4￱ Donald Trump, who wanted lower oil prices.

OPEC+ discusses final cut rollbacks as prices spike A final decision on the November increase will be made at an online meeting on October 5, involving eight OPEC+ ￰5￱ increase is expected to match October’s 137,000 barrels per day bump, as confirmed by the same ￰6￱ group did not respond to media requests, and Saudi Arabia’s oil ministry also remained ￰7￱ the group started rolling back cuts in April, oil prices have hovered mostly between $60 and $70 per ￰8￱ last Friday, prices surged to their highest since August 1, crossing the $70 ￰9￱ spike followed Ukrainian drone attacks on Russian energy sites, which hit refining operations and interrupted oil shipments — Russia being one of the largest oil exporters ￰10￱ the height of its coordinated production cuts, OPEC+ had pulled 5.85 million barrels per day off the ￰11￱ reduction was broken into three parts: 2.2 million bpd in voluntary cuts, another 1.65 million bpd sliced by eight members, and a broader 2 million bpd reduction agreed to by the full ￰12￱ cuts were rolled out to prop up prices when demand fell.

Now, that rollback is in full ￰13￱ eight countries involved started removing the 1.65 million bpd layer this month with the current 137,000 bpd ￰14￱ had already agreed to fully unwind the 2.2 million bpd voluntary cuts by the end of ￰15￱ third and final layer of 2 million bpd is still in place and is expected to remain until end-2026. Meanwhile, the United Arab Emirates was given a separate approval to raise its own production by 300,000 barrels per day between April and September, as part of a side agreement within the broader OPEC+ ￰16￱ with all the planned hikes, many members aren’t hitting their ￰17￱ analysts say most are already pumping as much as they possibly can.

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