Overview
- Brent and WTI fell roughly 3% to 4% for their biggest one-day drop in nearly a month, with benchmarks closing at multi-week lows.
- OPEC’s monthly report now expects 2026 supply to meet demand, with implied figures showing a marginal surplus if October output rates persist.
- After adding about 2.9 million barrels per day since April, OPEC+ has paused planned production increases for the first quarter of 2026.
- The IEA’s World Energy Outlook says oil and gas demand could keep growing to 2050 but also signals a 2.6 million‑barrel build in global oil stocks next year.
- Shares of major oil producers fell alongside crude, with declines reported for Chevron, Exxon Mobil, ConocoPhillips, BP, Shell and others.