OPEC+ Plans Modest Oil Production Increase Amid Market Concerns

OPEC+ is poised to implement a modest increase in oil production, adding 137,000 barrels per day for December. This decision arises amid worries of an oversupply in the market and the impact of new Western sanctions on Russia.

Following a dip that saw oil prices fall to a five-month low, prices have rebounded to approximately $65 a barrel. The group has raised output targets significantly since April, totaling over 2.7 million barrels per day.

However, OPEC+ has opted to pause any further increases in the first quarter of 2026 to stabilize prices and assess the sanctions' effects on Russian oil supply. This cautious approach reflects a balancing act between market demands and geopolitical pressures.