OPEC Plus to Boost Oil Production Despite Oversupply
Update: 2025-11-17
Description
OPEC Plus plans to keep boosting oil production next year, despite expectations of an oversupply, according to a survey of traders and analysts. The group has been gradually increasing output after two years of cuts, but may pause increases in early 2023 due to a projected oversupply. Non-OPEC supply is expected to grow by 1.3 million barrels per day next year, while global demand is projected to increase by 1.6 million barrels per day, reaching 106.2 million barrels daily by the end of the year. OPEC Plus officials note that supply is now outpacing demand predictions, and a senior analyst suggests that the group will only reverse its policy if theres a clear collapse in demand, prices drop below $50, and leaders see a need to manage the market differently.
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