Crude Oil Holds Steady as OPEC Plus Eyes December Output Boost - Biography Flash Market Update cover art

Crude Oil Holds Steady as OPEC Plus Eyes December Output Boost - Biography Flash Market Update

Crude Oil Holds Steady as OPEC Plus Eyes December Output Boost - Biography Flash Market Update

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 Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price. Biography Flash a weekly Biography.

Crude oil prices have ticked up slightly in the past 24 hours, with West Texas Intermediate settling at 60.88 dollars per barrel as of Friday’s close, a modest 0.51 percent rise according to Trading Economics, while Brent crude traded at 64.66 dollars per barrel, up 0.45 percent. Over the past month, both benchmarks have trended downward, with crude oil down 1.46 percent and Brent crude sliding 1.06 percent. Year-on-year comparisons show a more pronounced dip, with crude off by over 12 percent and Brent by just above 11 percent according to the same market sources.

The spotlight today is firmly on OPEC+ as they prepare for their November 2 meeting. There is an overwhelming consensus among market analysts, including Standard Chartered Bank and Rystad Energy, that OPEC+ will approve a 137,000 barrel per day production increase for December. This decision is projected to be as non-disruptive as it is predictable—a calculated move aimed at cautious unwinding of earlier cuts while projecting market stability. Rystad Energy’s Jorge Leon added that new US sanctions on Russia’s top oil firms aren’t expected to sway OPEC+ from this measured pace in the immediate term, as the sanctions’ impact will need time to materialize.

Behind closed doors, rumors swirl on trading floors of a global oversupply extending into 2026. The US Energy Information Administration sees OPEC+ crude output climbing by half a million barrels per day in 2025 and another 600,000 in 2026, with US crude production itself holding near record highs—no wild swings, just steady supply. This glut is mirrored at sea, where tanker inventories have hit a fresh record of 1.4 billion barrels, supporting the consensus view of ample surpluses and capping rally fever—at least for now.

ExxonMobil isn’t content to sit still in this landscape, announcing in its latest quarterly report a production boost of 139,000 barrels per day, driving total output to 4.8 million barrels per day, underscoring the latest moves by companies with significant US and North Sea operations. These production increases are contributing to the surplus story, even as refinery margins stay strong on tight product inventory according to the EIA, incentivizing refiners to keep running hot.

On social media, crude oil remains a hot hashtag, with traders speculating on whether OPEC+ will break from its consensus strategy, though most influencers expect a steady-as-she-goes outcome, barring any last-minute surprises. As for business headlines, the focus remains on supply strategy and sanctions, with little chatter about major deals or corporate shakeups.

Thanks for tuning into the Daily Crude Oil Price Tracker with Vanessa Clark. Don’t forget to subscribe so you never miss an update on all the latest crude oil moves. And for more great biographies, just search the term Biography Flash.

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