Oil Prices Rise as OPEC+ Opts for Modest Output Increase

PUKMEDIA

Oil prices.

Oil prices extended gains on Tuesday, 7 October 2025, after the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) announced a smaller-than-expected output increase for November, easing market concerns over a potential supply glut.

According to Reuters, Brent crude futures rose by 23 cents, or 0.35%, to $65.70 a barrel by 03:56 GMT, while US West Texas Intermediate (WTI) crude gained 21 cents, or 0.34%, to reach $61.90. Both benchmarks had settled more than 1% higher in the previous session following OPEC+’s decision to raise collective production by 137,000 barrels per day (bpd) from November.

The group’s cautious approach contrasted with earlier market expectations for a more aggressive supply boost. Analysts at ING noted that OPEC+ remains prudent in expanding its share of the global oil market amid forecasts of a potential surplus in the fourth quarter and into next year.

OPEC+ has raised its output targets by more than 2.7 million bpd so far this year, equivalent to around 2.5% of global demand. However, geopolitical factors continue to underpin prices, including ongoing conflict between Russia and Ukraine, which has disrupted energy assets and created uncertainty surrounding Russian crude supplies.

Russia’s Kirishi oil refinery suspended operations at its main distillation unit, CDU-6, following a drone attack and subsequent fire on 4 October. According to industry sources, repairs could take about a month.



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