Overview

• Brent traded near $69.50 and WTI around $65.07 after slipping nearly 1% as Kurdistan crude exports restarted and OPEC+ prepared a November output increase.
• Reuters reported OPEC+ is expected to approve at least a 137,000 bpd hike next month, even as the group has recently pumped below collective targets.
• Goldman Sachs projects a 1.9 million bpd surplus in 2026 and sees crude falling into the $50s, echoing broader Wall Street caution.
• Standard Chartered counters with a call for higher prices next year, citing potential demand support from stimulus and output reductions if low prices pressure producers, including in the U.S.
• StanChart notes Ukrainian strikes have cut Russian refinery runs and lifted seaborne crude exports to 3.62 million bpd in August, while Europe’s gas stocks are high with a 100.2 bcm peak forecast and expanding U.S. LNG capacity tempering price spikes.