Overview
- OPEC+ on Sunday approved a 137,000 bpd production increase for November, keeping the same cautious pace set for October.
- The alliance has lifted its 2025 pumping target by more than 2.7 million bpd to recapture market share from U.S. shale producers.
- Brent traded near $66 and WTI near $62 on Thursday after a modest rise, with both benchmarks down roughly 11% year to date.
- OPEC’s World Oil Outlook 2025 projects global demand rising by more than 19 million bpd by 2050 and calls for allied producers to add about 15 million bpd.
- OPEC also highlighted the risk of a near-term supply glut given continued output increases in a weak demand environment.