Saudi Arabia, Russia, and six other OPEC+ members have agreed to raise crude oil production by 137,000 barrels per day starting November, marking a cautious increase as the alliance seeks to expand market share without destabilising prices.
The decision, announced after an online ministerial meeting on Sunday, reflects the group’s confidence in a “steady global economic outlook and healthy market fundamentals.” Analysts had expected a larger hike, but OPEC+ opted for restraint amid weak demand and falling prices — with Brent crude dipping below $65 per barrel last week.
“This was a careful move,” said Jorge Leon of Rystad Energy, noting that the bloc is “walking a tightrope between maintaining stability and clawing back market share.”
Since April, Saudi Arabia, Russia, and their partners have collectively raised output by over 2.5 million barrels per day, shifting from price protection to competition against rising non-OPEC producers like the U.S., Brazil, and Guyana.
