Oil prices do not react strongly to OPEC+'s plan to temporarily suspend production increases

World oil prices fluctuated little in the session on November 3, as the market was balancing the latest production adjustment plan of major producers with concerns about oversupply next year.

Pumping gas for vehicles at a gas station in Jiangsu, China. Photo: THX/TTXVN

Accordingly, Brent crude futures increased by 12 cents (0.2%) to close at 64.89 USD/barrel. US light sweet crude (WTI) also increased by 7 cents (0.1%) to close at 61.05 USD/barrel.

On November 2, the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (OPEC+) agreed to increase production by a modest 137,000 barrels per day in December. OPEC+ also agreed to suspend production increases in the first quarter of 2026.

Analysts at energy consultancy Ritterbusch and Associates said any negative impact from OPEC's continued production increases this quarter was offset by the group's plan to pause production increases early next year.

Investment bank Morgan Stanley also raised its Brent price forecast for the first half of 2026 to $60 a barrel from $57.50, citing OPEC+'s decision to suspend quota increases in the first quarter of next year and recent developments related to Russia's oil assets.

Last month, the International Energy Agency (IEA) said the global oil market would face a surplus of up to 4 million barrels per day next year. Meanwhile, OPEC expects global oil supply and demand to balance next year.

Another factor weighing on prices is the strong US dollar, which makes crude more expensive for buyers using other currencies. The US dollar is currently hovering at a three-month high against major currencies.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-khong-phan-ung-manh-voi-ke-hoach-tam-dung-tang-san-luong-cua-opec-20251104074628959.htm