At 10:46 GMT, Light Crude Oil Futures are trading $61.91, up $1.03 or +1.69%.
OPEC+ said it would raise oil output by 137,000 barrels per day in November, mirroring October’s increase and falling short of more aggressive hikes some in the market had anticipated.
Analysts say the restrained move reflects internal disagreements: Russia favored a modest bump to avoid downward price pressure, while Saudi Arabia reportedly pushed for an increase of up to four times that level to regain market share faster.
The decision signals a cautious balancing act as the group faces both oversupply concerns and competitive pressure from U.S. shale.
Supply concerns grow as non-OPEC barrels re-enter the market
Despite the modest OPEC+ increase, bearish supply signals are building elsewhere. Analysts pointed to a return of Venezuelan exports, the resumption of Kurdish crude flows via Turkey, and a buildup of unsold Middle Eastern cargoes for November. These developments come on top of a year-to-date OPEC+ output rise of over 2.7 million bpd, equivalent to roughly 2.5% of global demand.
Adding to bearish sentiment, U.S. inventories showed a larger-than-expected rise in crude, gasoline, and distillates in the week ending September 26. According to the EIA, total product supplied—a closely watched proxy for demand—dropped by 627,000 bpd, reflecting weakening consumption into the fourth quarter.
