In a report distributed by the Standard Chartered team on Wednesday, Emily Ashford, Head of Energy Research at Standard Chartered Bank, offered a prediction for OPEC+’s next meeting, which is scheduled to be held on November 2.“OPEC+ [is] likely to continue [a] gradual unwinding of cuts, adding a further 137,000 barrels per day month on month at [the] November 2 meeting,” Ashford said in the report. “We see no reason for a change in strategy this month. The week on week change in the shape of the Brent forward curve and Russia-based market supply concerns are supportive of OPEC+ continuing its small monthly unwind of the April 2023 voluntary output cuts,” Ashford added. In the report that Standard Chartered Bank expects the group’s next meeting “to continue the trend of rapid decisions, with the communiqué focusing on the group’s ability to pause or reverse the additional adjustments, including the previous November 2023 tranche of 2.2 million barrels per day”. The Standard Chartered report projected that the ICE Brent nearby future crude oil price will average $65 per barrel in the fourth quarter of this year and $68.50 per barrel overall in 2025. A statement posted on OPEC’s website on October 5 revealed that Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman “decided to implement a production adjustment of 137,000 barrels per day” in a virtual meeting held that day. “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 October 2025, to review global market conditions and outlook,” the statement noted. “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023,” it added. The statement highlighted that this adjustment will be implemented in November. The table highlighted that November 2025 “required production” is 10.061 million barrels per day for Saudi Arabia, 9.532 million barrels per day for Russia, 4.255 million barrels per day for Iraq, 3.399 million barrels per day for the UAE, 2.569 million barrels per day for Kuwait, 1.563 million barrels per day for Kazakhstan, 967,000 barrels per day for Algeria, and 808,000 barrels per day for Oman. “The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the OPEC statement said. “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” it added “They also confirmed their intention to fully compensate for any overproduced volume since January 2024,” it went on to state. The OPEC statement also highlighted that the eight OPEC+ countries will hold monthly meetings “to review market conditions, conformity, and compensation”. It added that the eight countries will meet again on November 2.
In a release posted on the U.S. Department of the Treasury website on October 22, U.S. Treasury Secretary Scott Bessent announced that the Treasury “is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine”. In that release, the Treasury noted that “today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy”
