Illustration photo.
The Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (OPEC+) are likely to consider raising oil output by up to 411,000 barrels per day ( bpd) in November, three times the 137,000 bpd increase the group agreed for October.
Some sources even said the increase could be as high as 500,000 barrels per day , but a final decision has yet to be made.
The move comes amid rising oil prices, prompting OPEC+ to ramp up production to regain market share. The group currently produces about half of the world's oil .
OPEC+ will hold a virtual meeting on October 5 to make a formal decision on production for November. Since the beginning of the year, the group has gradually removed the huge production cuts that were applied during the period of oversupply in the market.
World oil prices closed lower on September 30, as investors prepared for the possibility of a supply glut due to the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+), which may increase production more strongly next month and the resumption of oil exports from Iraq's Kurdistan region via Turkey.
Brent crude for November 2025 delivery, which expires on September 30, fell 95 cents, or 1.4%, to $67.02 a barrel. The more active December 2025 contract closed at $66.03 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $1.08, or 1.7%, to $62.37 a barrel.
In the session on September 29, Brent and WTI oil prices both fell more than 3%, the sharpest daily decline since August 1.
Source: https://vtv.vn/opec-can-nhac-tang-manh-san-luong-dau-trong-thang-11-100251001074952317.htm
Comment (0)