OPEC’s Surprise Output Hike Leaves Oil Prices Steady – But Glut Fears Loom
OPEC+ Opts for a Small Output Hike On October 5, the Organization of the Petroleum Exporting Countries and its allies (“OPEC+”) surprised some traders by approving only a modest production increase for November. The coalition’s 23 oil-producing nations agreed to add 137,000 barrels per day (bpd) next month – identical to the minimal hike implemented in October reuters.com. By historical standards this boost is quite small, amounting to only about 0.14% of global supply. OPEC+ framed the move as a cautious response to market conditions, citing a “steady global economic outlook and current healthy market fundamentals” in its decision ts2.tech.