OPEC+ "shakes" global markets - Oil prices rise after modest production increase for November
Oil prices rose on Monday morning in Europe after the OPEC+ group agreed to only a moderate increase in monthly production. After a meeting, the alliance announced that it would increase oil production by 137,000 barrels per day in November, the same level it had announced for October.
West Texas Intermediate (WTI) crude oil rose 1.31% to $61.68 a barrel, while Brent rose 1.22% to $65.32 a barrel. However, prices remain down compared to last week, following news of a possible OPEC+ production increase.
Over the past five days, WTI has fallen 2.79%, while Brent has fallen 3.90%. On Friday, oil prices were near their lowest level in four months.
The moves come after a wave of price hikes earlier this year, when barrels traded above $80, due to tensions between Iran, Israel and the US. The conflict raised concerns that Iran could block shipping through the Strait of Hormuz, one of the world's most important oil shipping lanes.
OPEC+ has been gradually increasing production this year, following decisions to cut in 2023 and 2024, measures that were initially expected to be lifted by September 2026.
In a statement, the group said the decision to increase production was made "given a stable global economic outlook and current healthy market fundamentals, as reflected in low oil inventories."
However, some analysts, including those from the International Energy Agency, remain concerned that supply is expected to exceed demand, partly due to high production from the Americas.
OPEC+ consists of 12 member countries and 10 non-member states, with Saudi Arabia and Russia among the main partners.
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