OPEC and others are boosting oil production as the race to catch up with the US goes on
This month’s 137,000-barrel-a-day boost is a little more modest than some expected.
Oil prices have risen a little over 1% today as the world reacts to the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers yesterday announcing that they’d be increasing oil production by 137,000 barrels per day in November — a little less than some had anticipated.
Put crudely
That conservative hike equals the increase that the group, known as OPEC+, announced for October, as the collective balances its desire for more market share with stable prices against the backdrop of oversupply concerns in the coming months. Interestingly, sources said that Saudi Arabia, one of the eight nations involved in the new announcement, was pushing for double, triple, or even quadruple the increase, keen to increase its share of the global oil industry, while Russia apparently backed the lower rate.
Saudi officials likely had producers like Brazil, Guyana, and the US in their minds, with daily production figures for the latter continuing to climb consistently throughout 2025, even as US oil chiefs warn of the end of the US shale boom.
In July, the last month that the US Energy Information Administration published data for, America’s oil industry produced a record 13.64 million barrels a day, up by 109,000 a day from the figure for June, cementing its position as the world’s top oil producer in 2025.
