OPEC+ raises output again: third consecutive increase as the U.S. pushes for global “Dollarization”

The oil cartel announces a new production hike of 137,000 barrels per day but remains cautious: increases will be suspended in the first quarter of 2026. The crude market reacted downward, with WTI at -0.21% and Brent at -0.15%.

OPEC+ is on the move again — and once more, it’s moving upward. The organization, which brings together the world’s main oil-producing countries, has decided to raise production by 137,000 barrels per day. This marks the third consecutive increase, following those in September and October. The measure involves eight key countries — Algeria, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates, Kazakhstan, Oman, and Russia — with the goal of bringing total output to 1.66 million barrels per day.

In a statement released by the organization, OPEC+ noted that the decision comes “in light of a stable global economic outlook and healthy market fundamentals,” particularly citing the relatively low level of global crude inventories. The increase, which will take effect in December 2025, is part of the voluntary adjustments announced in April 2023, totaling 1.65 million barrels per day.

The organization stressed that member countries will maintain a cautious approach: the planned increases will be suspended in January, February, and March 2026 and may be adjusted “based on market conditions.” The priority, it reiterated, remains the stability of the oil market. OPEC+ members will continue to meet monthly to monitor developments and are scheduled to reconvene on November 30 for further assessments.

Meanwhile, on the geopolitical front, Washington is moving to defend the dollar’s dominance. The Trump administration is reportedly considering initiatives to encourage other countries to adopt the U.S. currency as their primary means of exchange — an effort aimed at countering China’s push to reduce the greenback’s global influence.

Andrea Pelucchi