OPEC’s Measured Hike Signals Caution Amid Oversupply Fears And Price Pressure

Benzinga

OPEC and its allies agreed to a modest 137,000-barrel-per-day output increase for November, mirroring October’s move. The cautious hike aims to stabilize prices and reclaim market share from U.S. shale while aligning with Trump’s push for lower oil costs. Analysts say the decision reflects market caution as Brent and WTI hover near $70.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02OPEC and its allies agreed to a restrained oil output increase of 137,000 barrels per day for

00:07November, matching October's hike, according to the Wall Street Journal, who reflects a cautious

00:12approach to stabilize prices after traders anticipated a larger boost. Hurtell aims to

00:16reclaim market share from U.S. shale and other rivals, force quota discipline among members,

00:21and deliver lower prices favored by Trump. Analysts said the decision shows OPEC's awareness

00:26of market jitters, as oil prices remain between $65 and $70 per barrel. Red Crude and WTI have

00:32fallen over 13% this year, mid-rising supply and global glut fares. OPEC cut output in 2023

00:38to stabilize prices, but reversed course in April after U.S. criticism that its actions aided Russia.

00:44For all things money, visit Benzinga.com.

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