Oil Rises After OPEC+ Slows Output Increases

WTI crude oil futures rose to $62.1 per barrel on Monday, ending a three-day decline, after OPEC+ agreed to raise output further but at a modest pace amid weak demand prospects.

The group announced on Sunday that it would increase production by 137,000 bpd from October, significantly smaller than the previous monthly hikes of about 555,000 bpd in August and September, and 411,000 bpd in June and July.

The move reflects Saudi Arabia’s effort to reclaim market share, while also highlighting some caution as global economic headwinds are expected to weigh on consumption.

The October increase also marks the start of unwinding a second tranche of production cuts totaling 1.65 million bpd, which comes more than a year ahead of schedule.

OPEC+ had already fully unwound the first tranche of 2.5 million bpd since April—equivalent to roughly 2.4% of global demand.