OPEC+ Agrees in Principle to Increase Production in October

Source: Yahoo! Finance/Bloomberg

Sat, September 6, 2025 at 2:57 PM EDT


(Bloomberg) -- OPEC+ has agreed in principle to increase production again next month, according to delegates, as the group doubles down on its policy shift to pursue market share instead of defending prices.

Key alliance members said they expect to approve adding about 137,000 barrels during a video call on Sunday, as the group led by Saudi Arabia and Russia begins unwinding the next layer of halted supplies, having just completed the surprise fast-tracking of a previous tranche. An October increase will start the return of 1.66 million barrels a day of cuts that were scheduled to remain in place until the end of 2026. Some of the delegates added that discussions are ongoing.

The latest increase would cement a dramatic pivot by the Organization of the Petroleum Exporting Countries and its partners. The group stunned oil markets in recent months by reviving 2.2 million barrels of halted production a full year ahead of schedule in a bid to reclaim market share — and despite widespread expectations of an impending surplus.

Crude prices have retreated 12% this year, pressured by increased supply from OPEC+ countries and elsewhere, and as US President Donald Trump’s trade war weighs on demand. Yet the market has overall proven surprisingly resilient to the alliance’s strategy shift, giving Saudi Arabia and its allies added confidence to return even more barrels.

Read more: https://finance.yahoo.com/news/opec-agrees-principle-increase-production-185746811.html

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WTI spot has been running between $62 - $64/bbl. They are eventually going to put our frackers out of business. And due to the reduction of refineries in the U.S., I am still waiting for the gas prices around here in my area of Philly, to go back below $3/gal like they had finally hit a year ago.