MON OCT 13 2025-theGBJournal| The global benchmark Brent crude fell 3.82% to 62.73$ per barrel a barrel weekend, close to implementation of OPEC+ approved modest oil production increase of 137,000 barrels per day (bpd).
The U.S. crude oil also dropped 4.24% ($2.61) to $58.90 per barrel while
The market also reacted to the implementation of the Israel-Gaza ceasefire deal which significantly lowered geopolitical risk premiums in oil futures.
Besides, the U.S. President Trump’s threat to impose increased tariffs on China cast a shadow over oil demand outlook in a market viewed as oversupplied.
Meanwhile, according to a statement from the Organization of the Petroleum Exporting Countries (OPEC), the decision to implement the production increase builds on the group’s prior voluntary production cuts announced in April and November 2023.
OPEC+ said the latest adjustment reflects a “steady global economic outlook and healthy market fundamentals,” citing low global oil inventories as a key factor.
The group emphasized that the 137,000 bpd adjustment would be drawn from the earlier 1.65 million bpd voluntary cuts announced in 2023. OPEC+ noted that the restoration of production “may be returned in part or in full, subject to evolving market conditions and in a gradual manner.”
The statement underscored that participating countries will retain flexibility to pause, reverse, or modify their additional voluntary adjustments, including the 2.2 million bpd cuts previously announced in November 2023.
The group also reaffirmed its commitment to market stability and the Declaration of Cooperation, pledging to fully compensate for any overproduction since January 2024.
Member countries will continue to hold monthly meetings to monitor market conditions, compliance, and compensation progress.
OPEC+ confirmed that the next ministerial meeting is scheduled for November 2, 2025, where members are expected to review the implementation of the new production adjustments and assess broader market dynamics.
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