OPEC+ Countries Are Going for a 137,000 Barrel Increase in Oil Production

OPEC+ Countries Prepare for New Production Increase

Significant developments are taking place in the oil markets. OPEC+ countries are expected to approve a new daily production increase of at least 137,000 barrels at their upcoming meetings, in line with rising oil prices. This is seen as a step that will affect the global energy balance.

Production Increases Since April

OPEC+ ended its production cut strategy applied since April and, in order to increase its market share, carried out a production quota increase of more than 2.5 million barrels daily, in line with US President Donald Trump’s pressure to lower oil prices. This increase corresponds to approximately 2.4% of the world's oil demand.

Critical Meeting for November Production

Meanwhile, eight OPEC+ countries will convene on October 5 to determine the November production level. Decisions made at this meeting will shape expectations in the oil market.

Price Fluctuations in Markets

While prices were observed above $80 per barrel at the beginning of the year, oil prices largely fluctuated in the $60-70 range with OPEC's production increases in April. These data reveal the effects of OPEC+'s strategy on the markets.