OPEC+ Eyes 137,000 Barrel Boost as Oil Tops $70

- Increasing oil production by 137,000 barrels per day in November to address market pressures - Continuing quota hikes to stabilize prices amid supply challenges On September 28, 2025, Reuters reported that OPEC+ will raise November production quotas by 137,000 barrels per day. The decision comes as Ukrainian drone attacks on Russia’s energy infrastructure have driven oil prices above $70 per barrel. Eight key OPEC+ producers will review this output hike during an online meeting on October 5. This decision is part of a broader strategy for the oil-producing bloc to reclaim market share and stabilize escalating prices. Since April, OPEC+ has steadily increased production quotas, totaling over 2.5 million barrels per day—roughly 2.4% of global oil demand. These adjustments aim to phase out the 5.85 million barrels per day in production cuts that the bloc implemented during a period of reduced demand. However, challenges persist, as several OPEC+ members struggle to meet production quotas due to capacity constraints, with some already operating at maximum output levels. Furthermore, approximately 2 million barrels per day of prior cuts remain in effect, and OPEC+ expects them to continue through the end of 2026. According to MarketWatch on September 28, Brent crude oil was trading at $72.43 per barrel as of 12:00 UTC. This price marks a 1.5% decrease in 24-hour volume. As a result, analysts and investors are closely monitoring OPEC+ adjustments for insights into price stability and market dynamics in the months ahead.