This is not a short-term price move, but a step related to market share and power. Robert Rapier, contrary to popular belief, oil prices are not set by any single country, company, or cartel, but are the result of a global struggle between producers, traders, and policymakers. This move surprised many analysts who had expected continued restraint. At first glance, boosting supply amid price pressures seems counterintuitive. On November 2, OPEC+ announced a modest production increase of 137,000 barrels per day for December, followed by a temporary halt to any further increases in the first quarter of 2026. We've seen this approach before in 2014 and again in 2020.
