Crude oil futures traded higher on Monday morning after the Organization of Petroleum Exporting Countries and its allies (OPEC+) decided to slow the pace of production increases compared to previous months.

At 9.57 am on Monday, November Brent oil futures were at $66.29, up by 1.21 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $62.60, up by 1.18 per cent. September crude oil futures were trading at ₹5521 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5447, up by 1.36 per cent, and October futures were trading at ₹5508 against the previous close of ₹5434, up by 1.36 per cent.

A media statement by OPEC+ members such as Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman said the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, met virtually on September 7, to review global market conditions and outlook

“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. This adjustment will be implemented in October 2025. 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 statement said.

The member 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.

OPEC’s announcement on Sunday to increase production by 137,000 barrels per day from October, is comparatively smaller than the previous hikes of about 555,000 barrels per day in August and September, and 411,000 barrels per day in June and July.

Market reports also noted that expectations of tighter supply due to potential new US sanctions on Russia helped support crude prices.

September natural gas futures were trading at ₹274.80 on MCX during the initial hour of trading on Monday against the previous close of ₹268.90, up by 2.19 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹3320 in the initial hour of trading on Monday against the previous close of ₹3304, up by 0.48 per cent.

September dhaniya futures were trading at ₹8332 on NCDEX in the initial hour of trading on Monday against the previous close of ₹8542, down by 2.46 per cent.

Published on September 8, 2025