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5d ago

OPEC+ Poised to Lift Output Again as Saudi–Russia Split Clouds Sunday Decision

Markets priced a growing surplus flagged by the IEA, driving the sharp weekly slide in crude.

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A worker controls the freight level of a tanker wagon at the Rosneft oil terminal in Arkhangelsk, May 30, 2007. REUTERS/Sergei Karpukhin/File Photo
The group known as OPEC+, led by Saudi Arabia, is expected to agree this weekend to an increase oil production, which could cause falling world oil prices to tumble even more.
A petrol station in Moscow. US President Donald Trump’s pressure on countries to stop buying Russian crude has affected oil prices. AFP

Overview

  • The OPEC+ “Voluntary Eight” convene Sunday to set November quotas, with Saudi Arabia pressing for a larger rise than Russia’s 137,000 bpd preference despite OPEC’s public denial of a 500,000 bpd plan.
  • Brent and WTI ended the week down roughly 7–8% after hitting multi‑month lows, then edged higher Friday on a weaker dollar and stronger equities.
  • The International Energy Agency projects a record surplus of about 3.33 million bpd next year, reinforcing expectations of an oversupplied market.
  • Iraq says a deal to restart Kurdish exports via Turkey could add around 500,000 bpd to global flows, a potential near‑term supply addition.
  • Non‑OPEC supply remains strong with U.S. output above 13 million bpd, while OPEC+ continues unwinding past cuts and faces compliance and capacity constraints among some members.