OPEC+'s decision boosts the oil market.

Oil prices rose about 1% in Asia during afternoon trading on October 6th, after the planned production increase by the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, for November 2025 was lower than expected, easing some concerns about increased supply. However, the prospect of weak demand is likely to curb further gains in the short term.

Fueling vehicles at a gas station in Jiangsu, China. Photo: THX/VNA

At 1:25 PM Vietnam time, North Sea Brent crude oil prices rose 67 US cents, or 1%, to $65.20 per barrel, while US West Texas Intermediate (WTI) crude oil was at $61.54 per barrel, up 66 US cents, or 1.1%.

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

OPEC+ announced on October 5th that it will increase production by 137,000 barrels per day starting in November. This is a modest increase, similar to that in October, amid persistent market concerns about the risk of oversupply.

In the short term, some analysts predict that the upcoming refinery maintenance season in the Middle East will help curb the rise in oil prices. In addition, predictions of potentially weak demand in the fourth quarter are another factor limiting the upward momentum of the "black gold" market.

Priyanka Sachdeva, senior market analyst at Phillip Nova, believes that in the absence of factors driving new upward momentum and with increasingly uncertain demand prospects, oil prices are likely to remain subdued despite OPEC+ increasing production at a lower rate than expected.

She stated that, in reality, the market is gradually shifting towards a phase of oversupply, as seasonal demand is projected to decline in winter and macroeconomic data does not offer much impetus for growth.

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