OPEC+ Increases Production by 137,000 bpd
OPEC+ agreed to increase production by 137,000 barrels per day starting in October 2025. This increase is slower than in previous months and was decided by the eight core members, as a further step in reopening the tap after a long period of cuts. The voluntary cuts of 1.65 million bpd, originally planned until 2026, are now being gradually reversed. Russia (Alexander Novak) emphasized that the decision is being evaluated monthly and could be reversed if market conditions change. The impact is expected to be moderate as some members still have limited capacity.
In the market, Brent prices climbed to around $66 per barrel and WTI approached $62 after falling last week. These movements reflect expectations that this additional supply will be small and widely anticipated by market participants.
Oil price at the time of writing is at $66.27
- Buy if the price moves within $66.37
- Sell if the price moves within $66.17
Resistance 2: $66.67
Resistance 1: $66.52
Support 1: $66.02
Support 2: $65.87
DISCLAIMER
Note: This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
