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Oil Slips for Third Day as OPEC+ Weighs October Output Increase

Traders brace for a Sept. 7 decision that could start unwinding another 1.65 million barrels a day of voluntary cuts.

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
Cuba-flagged oil tanker Vilma carrying about 400,000 barrels of oil leaves Mexico’s Pajarito’s port on its way to Cuba, in Pajaritos, Mexico October 26, 2024. REUTERS/Angel Hernandez/File Photo
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Overview

  • Eight OPEC+ members will discuss a potential October supply boost at Sunday’s virtual meeting, and no decision has been announced.
  • Brent traded around $66.8 a barrel and WTI near $63.3, extending a slide that earlier in the week knocked prices down roughly 2%–3%.
  • U.S. crude inventories unexpectedly rose by 2.4 million barrels last week as refineries entered maintenance, pressuring prices.
  • Analysts warn that raising output in line with new quotas could create a sizeable surplus and inventory builds through 2026 unless demand improves.
  • OPEC production in August rose by about 400,000 barrels per day, led by Saudi Arabia, signaling continued restoration of previously curbed barrels.