Crude Oil Prices Edge Lower as OPEC+ Pauses Output Hikes; Brent at $64.80

Crude oil prices were little changed in early Asian trade on Tuesday as markets assessed OPEC+’s decision to pause production hikes in the first quarter of next year amid persistent concerns over a potential supply glut.

Global Price Movement

Brent crude futures fell 9 cents, or 0.1%, to $64.80 a barrel by 0110 GMT after a marginal gain in the previous session. U.S. West Texas Intermediate (WTI) crude slipped 10 cents, or 0.2%, to $60.95 a barrel.

OPEC+ Output Strategy

On Sunday, OPEC+ agreed to a small output increase for December while pausing hikes in the first quarter of 2026. Since April, the group has raised output targets by about 2.9 million barrels per day, or 2.7% of global supply, but slowed the pace from October amid oversupply concerns.

The decision followed lobbying by Russia, which faces challenges in boosting exports due to Western sanctions on major oil firms Rosneft and Lukoil imposed in October by the U.S. and Britain.

Market Context

Analysts expect oil price forecasts to remain steady as rising OPEC+ output and subdued demand offset geopolitical risks. Estimates of global oil surplus range from 0.19 to 3 million barrels per day. Meanwhile, U.S. crude production hit a record 13.8 million barrels per day in August, according to the Energy Information Administration.

Crude Oil Price on MCX

Crude oil on the MCX was trading at ₹5,410, down by ₹41.00 (-0.75%) as of November 4, 2025, 09:24 IST. The commodity showed a slight decline in early morning trade.

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Conclusion

Crude oil prices eased slightly as OPEC+ maintained output targets for early 2026, balancing supply concerns with geopolitical pressures. With Brent and WTI trading lower and MCX crude showing a modest decline, market focus remains on demand trends and inventory data for further cues.

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