Oil prices extend gains after OPEC+ output decision

Oil prices in Asia extended gains on October 7, after the decision to increase production in November 2025 less than expected by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, helped ease some concerns about oversupply.

Illustration photo: THX/TTXVN

At 1:23 p.m. on October 7, Vietnam time, the price of North Sea Brent crude oil increased by 19 US cents, equivalent to 0.29%, to 65.66 USD/barrel. The price of US light sweet crude oil (WTI) also increased by 19 US cents, equivalent to 0.31%, to 61.88 USD/barrel.

Prices of both types of oil closed the previous session with an increase of more than 1%, after OPEC+ decided to increase total production of "black gold" by 137,000 barrels/day, starting from November.

Analysts at ING bank said the move contradicted market expectations that the group would increase supply more aggressively. This shows that OPEC+ is still cautious about increasing its market share in the global oil market, amid forecasts of a supply glut in the fourth quarter of this year as well as next year.

Geopolitical factors are also supporting oil prices, as the conflict between Russia and Ukraine is impacting energy assets and creating uncertainty about Russia's crude oil supply.

Earlier this week, two industry sources said Russia’s Kirishi refinery had to shut down its most productive distillation unit after a drone attack and subsequent fire on October 4. The recovery process is expected to take about a month.

However, oil prices remain under pressure amid rising output from both OPEC+ and non-OPEC producers. In addition, analysts say any slowdown in demand, due to weak economic growth stemming from US trade tariffs, is likely to exacerbate the supply glut.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-noi-dai-da-tang-sau-quyet-dinh-san-luong-cua-opec-20251007145722611.htm