Opec+ further raises production with modest hike from November

Opec+ will raise oil output from November by 137,000 barrels per day (bpd), it said on Sunday, opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut.

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The group comprising the Organisation of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5 per cent of global demand.

The shift in policy after years of cuts is designed to regain market share from rivals such as US shale producers.

Brent prices fell below $65 per barrel on Friday as most analysts predict a supply glut in the fourth quarter and in 2026 due to slower demand and rising U.S. supply.