Oil prices climbed on Sunday after OPEC and its allies approved a modest 137,000 bpd increase from November.
Brent crude jumped to $65.30 per barrel, up nearly 1.5%, while WTI rose to $61.60, gaining 1.18%.
Oil Prices Hilke Birth Market Tensions
The increase matches October’s adjustment and dismisses earlier speculation of a 500,000 bpd surge.
Since January, OPEC+ raised output by over 2.7 million bpd, roughly 2.5% of global demand, aiming to reclaim market share.
Reports suggested tensions between Russia and Saudi Arabia before the meeting.
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Moscow preferred a restrained rise, citing sanctions and fears of falling prices, whereas Riyadh pushed for a bolder increase.
Outlook And Next Steps
OPEC said it chose a measured approach because global economic conditions remain steady and market fundamentals appear healthy.
Low oil inventories support OPEC’s view of a balanced market.
Finally, the group will meet again on November 2 to review production and possibly adjust strategy based on demand.
