Oil prices dip as OPEC+ plans to boost production

Business Oct 28, 2025

Oil prices slipped this week after OPEC and its allies (OPEC+) are expected to boost production by 137,000 barrels per day in December.
This is part of a steady comeback for OPEC+, which has already ramped up output by 2.7 million barrels daily since April.

OPEC+ phased plan aims to restore 1.66 million barrels daily

The group's phased plan aims to restore 1.66 million barrels per day, hoping to win back some market share.

US oil production expected to reach record high

Meanwhile, US oil production is expected to reach a record high of 13.6 million barrels per day and is set to stay strong in the coming years.
With both the US and OPEC+ adding more oil, there's extra pressure on prices—good news if you're hoping for cheaper fuel, but it keeps the market on edge.