OPEC+ may raise oil production again in November. According to three sources, Reuters reports, this could be a minimum of 137,000 barrels per day. The decision will be discussed at an online meeting of the eight member countries on October 5.
How oil prices have changed
Since the spring, the alliance has been gradually scaling back its previous restrictive strategy. Since April, quotas have already been increased by more than 2.5 million barrels per day—approximately 2.4% of global demand. One of the reasons for this was US President Donald Trump’s demands to lower fuel prices.
Oil prices have fallen below $80 per barrel since the beginning of the year and remained in the $60-70 range for a long time. However, by the end of September, prices had risen above $70 again, driven by Ukrainian drone attacks on Russian refining facilities.
Sources note that the 137,000 barrel increase would be a repeat of the October move. A final decision has not yet been made. Analysts point out, however, that OPEC+’s stated plans are not being fully implemented: many countries simply lack the resources to increase production further.
Previously, the group cut production by a total of 5.85 million barrels per day. This plan included voluntary cuts, restrictions for individual countries, and an overall limit that will remain in place until at least the end of 2026.
US consumer spending rose more than forecast in the third quarter
Providing an extra boost to economic momentum even as inflation remains elevated. Government data show households directed more money toward travel, restaurants, and services, helping sustain overall growth, according to the Commerce Department.
The broader economy has kept its strength following a rebound earlier in the year. Fresh indicators this week—such as a continued decline in layoffs and steady corporate demand for equipment—have fueled skepticism that the Federal Reserve will move forward with another rate cut in the near term.
