OPEC+ likely to raise oil output targets by 137,000 bpd
OPEC and its allies (OPEC+) are expected to approve a modest increase in oil production targets, with the increase in output targets by 137,000 barrels per day for December.
This cautious move comes as the group responds to shifting market conditions and ongoing geopolitical issues, especially after sanctions on Russia.
Since April, OPEC+ has already added over 2.7 million barrels per day, but concerns about oversupply have kept this latest bump pretty limited.
Oil prices have rebounded from October's low of $60/barrel
Sanctions on Russian energy giants Rosneft and Lukoil—imposed after Russia's invasion of Ukraine—have made things trickier for Russia.
Even so, oil prices have bounced back from October's low of $60 to around $65 a barrel, thanks in part to these sanctions and some buzz about possible US trade talks.
The final call on output will be made at Sunday's meeting, with a portion of the cuts planned to remain until the end of 2026.