US EditionOil Steadies as Investors Weigh OPEC+ Output Hike Against US Crude Inventories
OPEC+ may raise November output by up to 411,000 barrels per day, two to three times October’s increase, to regain market share amid global demand concerns.
- On October 5, Eight OPEC+ countries will meet online to decide November output, with sources saying the group is considering accelerating production increases.
- Riyadh has been pressing to regain market share, with OPEC+ reversing cuts earlier this year and raising quotas by more than 2.5 million bpd, including unwinding voluntary cuts of 2.2 million bpd.
- Crude and product inventories signalled mixed fundamentals last week as Brent crude futures traded near $67.50, U.S. West Texas Intermediate at $62.49, and U.S. crude stocks fell by 3.67 million barrels.
- OPEC+’s choices matter because the group pumps about half the world’s oil, and the International Energy Agency said world output could exceed consumption by 3.33 million bpd in 2026.
- Options range from the planned 137,000 bpd step to about 500,000 bpd, but OPEC/OPEC+ rejected 500,000 bpd reports and Russia may oppose bigger hikes due to sanctions.
17 Articles
17 Articles
Channel News Asia
CDE NewsOil steadies as investors weigh OPEC+ output hike against US crude inventories
Oil prices steadied in early trade on Wednesday after two consecutive days of losses as investors weighed potential OPEC+ plans for a larger output hike next month against the prospect of shrinking inventories in the U.S.Brent crude futures for December delivery rose 12 cents to $66.15 a barrel. U.S. West Tex
OPEC+ considers sharper rise in oil supply
OPEC+ is expected to discuss a larger oil production increase of 411,000 barrels per day for November at an upcoming meeting. This move follows rising oil prices and aims to regain market share. The group has already raised its output quotas by more than 2.5 million barrels per day to boost market presence, partly due […] The post OPEC+ considers sharper rise in oil supply appeared first on Modern Diplomacy.
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
