OPEC+ decision boosts oil market

Oil prices rose about 1% in Asia on Friday afternoon after a lower-than-expected increase in production by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, for November 2025 helped ease some concerns about rising supply. However, the weak demand outlook is likely to limit oil prices in the short term.

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

At 1:25 p.m. Vietnam time, North Sea Brent crude oil price increased by 67 US cents, or 1%, to 65.20 USD/barrel, while US light sweet crude oil (WTI) price was at 61.54 USD/barrel, up 66 US cents, or 1.1%.

Independent analyst Tina Teng said the price rally was mainly driven by OPEC+'s decision to increase output less than expected next month, as the group aims to create a buffer against the recent slump in the oil market.

OPEC+ said on October 5 that it would raise production from November by 137,000 barrels per day, a modest increase, similar to October, amid persistent market concerns about the risk of oversupply.

In the short term, some analysts expect the upcoming refinery maintenance season in the Middle East to help curb oil prices, while expectations of weak demand in the fourth quarter are another factor limiting the upside for the “black gold” market.

In the absence of fresh bullish catalysts and an increasingly uncertain demand outlook, oil prices are likely to remain subdued despite a lower-than-expected OPEC+ production increase, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

In fact, the market is moving into a phase of oversupply, she said, as seasonal demand is expected to ease in the winter and macro data does not provide much growth momentum.

Source: https://baotintuc.vn/thi-truong-tien-te/quyet-dinh-cua-opec-tiep-suc-cho-thi-truong-dau-20251006154202134.htm