Oil India, ONGC, IndianOil: Oil-linked stocks in focus as OPEC+ makes small boost in oil production; check details

Other crude-sensitive stocks such as paints, tyres, and aviation are also expected to remain in focus following the OPEC+ decision.

The group, AP reported, said after a virtual meeting on Sunday that it will raise oil production by 137,000 barrels per day in November, the same amount it announced for October.

The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

In a statement the group said the move was due to “a steady global economic outlook and current healthy market fundamentals.” It added the production adjustments may be paused or reversed as market conditions evolve.

Saudi Arabia holds significant influence in OPEC+ as the dominant member of the OPEC producers' cartel, and Russia is the leading non-OPEC member in the 22-country alliance.

Along with Saudi Arabia and Russia, the group that met Sunday constitutes Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their next meeting is scheduled for November 2.

Oil prices on October 6

In the early trade on Monday, oil prices rose about 1% after OPEC+ announced a more modest monthly increase in production than expected, tempering some concerns about supply additions.

Brent crude futures rose 63 cents, or 1%, to $65.16 a barrel by 2310 GMT, while U.S. West Texas Intermediate crude was at $61.46, up 58 cents, or 1%, Reuters reported.

"The price jump has primarily been boosted by OPEC+'s decision for a lower-than-expected production hike next month as the group intended to buffer the recent slump in oil markets," Reuters reported, quoting independent analyst Tina Teng.