Crude prices climbed by roughly 1% in early Monday trading, following OPEC+’s decision to implement only a moderate production increase, which helped to ease concerns about rapid supply growth.
Brent crude advanced $0.63 or 1% to reach $65.16 per barrel. Meanwhile, U.S. benchmark West Texas Intermediate rose $0.58, also up 1%, trading at $61.46 a barrel.
On Sunday, the coalition of the Organization of the Petroleum Exporting Countries—along with Russia and other allied producers—confirmed plans to raise output by 137,000 barrels per day beginning in November. This mirrors the group’s incremental increase set for October and reflects ongoing unease over potential oversupply in the market.
Throughout 2025, OPEC+, which encompasses OPEC, Russia, and several smaller oil exporters, has adjusted its production targets upward by over 2.7 million barrels per day. The increase amounts to roughly 2.5% of total global oil demand.
Ahead of the group’s recent meeting, sources familiar with the matter indicated Russia was supportive of maintaining the 137,000 bpd increase, aiming to prevent downward pressure on crude prices. In contrast, Saudi Arabia had pushed for a more aggressive supply boost—potentially double or more—to accelerate the recovery of lost market share.
According to sources, this policy compromise underscores the continued division within the group regarding the speed and scale of oil production increases.
