Last month, OPEC+ agreed to increase oil output from October by 137,000 barrels per day, a much lower clip compared to the 555,000 bpd increase announced for August and September and 411,000 bpd in June and July. The consensus is for a further 137 thousand barrels per day (kb/d) increase in loadings for November, in the absence of any significant news. Judging by the still bearish sentiment in oil markets, the second scenario would likely result in an oil price selloff with concerns of oversupply returning to the forefront. However, it’s more likely that OPEC+ will stick to its former plan, in which case all eyes will turn to Iraq. However, the most significant for the oil market is a resolution that authorizes the seizure of vessels, including oil tankers, suspected of arms or technology smuggling.