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OPEC+ to increase oil production by 137,000 barrels per day
OPEC and its allies (OPEC+) are slightly increasing oil production by 137,000 barrels per day starting October 2025.
This small boost comes as the group responds to a predicted surplus in the global oil market, and it marks the beginning of slowly dialing back on their previous output cuts that were set to last until the end of 2026.
OPEC+ will monitor the situation closely
This move surprised many analysts who expected no change.
Even with worries about too much oil, prices actually ticked up a bit—Brent crude reached $65.72 per barrel and West Texas Intermediate hit $62.05 early Friday in Singapore.
OPEC+ says they'll keep an eye on things and could tweak production again if needed, especially since some experts warn that a big surplus could push prices down next year.