OPEC+ Approves Modest 137,000-Barrel Daily Oil Production Increase for November, Aiming for Market Stability Amid Weak Demand

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have approved a modest oil production increase of 137,000 barrels per day for November, signaling a cautious approach as the group seeks to balance market stability against weakening global demand.

The decision, which involves eight key members including Saudi Arabia and Russia, represents a smaller adjustment than the 500,000 barrels per day hike that many analysts had predicted. In a statement, the group explained that the move was taken “in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”

Analysts say the limited increase underscores OPEC+’s intent to prevent unnecessary downward pressure on prices. “The cartel stepped carefully after witnessing how nervous the market had become,” one energy analyst noted, adding that the group is “walking a tightrope between maintaining price stability and reclaiming lost market share in a supply-heavy environment.”

For most of 2025, OPEC+ had focused on propping up global oil prices by restricting output. However, the alliance has shifted course in recent months. Since April, production quotas have been gradually raised by more than 2.5 million barrels per day as the organization pursues a more competitive stance against non-OPEC producers like the United States, Brazil, and Canada.

This latest adjustment reflects that ongoing strategy boosting production to remain competitive while avoiding the kind of aggressive expansion that could destabilize oil markets. Brent crude has been trading below $65 per barrel and maintaining that price floor appears to be a key objective for the cartel going forward.

The measured production increase positions OPEC+ to preserve influence in a volatile market while ensuring its members remain responsive to the shifting balance between global supply and demand.