October 7, 2025
Oil prices remained stable on Tuesday as investors evaluated OPEC+'s decision to implement a smaller-than-anticipated increase in oil production for November. By 0742 GMT, Brent crude futures had decreased by 15 cents, or 0.23%, to $65.32 per barrel. Meanwhile, U.S. West Texas Intermediate crude dropped 17 cents, or 0.28%, to $61.52 per barrel.
In the previous session, both contracts had risen by over 1% following OPEC+'s announcement to raise its collective oil production by 137,000 barrels per day starting in November. This increase was less than what the market had expected, indicating the group's cautious approach amid forecasts of a supply surplus in the coming months, according to analysts from ING.
Anh Pham, a senior analyst at LSEG, noted that the market seems capable of handling the additional volume for now, as there has not been a shift into contango at the front of the curve.
Russian Deputy Prime Minister Alexander Novak stated that OPEC+ did not discuss further quota increases beyond November. This year, OPEC+ has raised its oil output targets by more than 2.7 million barrels per day, which is about 2.5% of global demand.
Geopolitical tensions, particularly the conflict between Russia and Ukraine, continue to influence energy prices. Russia's Kirishi oil refinery halted its largest distillation unit after a drone attack and fire on October 4, with recovery expected to take about a month, according to industry sources.
