OPEC Output

The meeting of OPEC+, which pumps half of the world's oil, comes during a fresh U.S. effort to broker a Russia-Ukraine peace deal, which could add to oil supply if sanctions on Russia are eased

Abu Dhabi hosts a major oil summit Monday, hours after the OPEC+ cartel and its allies said it would halt further production increases planned in the first quarter of 2026 over concerns of too much supply in the market. The OPEC+ decision comes as both the United States and the United Kingdom implemented new oil sanctions targeting Russia over its war on Ukraine. Those sanctions targets included Rosneft and the Russian oil company Lukoil, whose red-and-white logo hung over the annual Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital as a major sponsor of the event. The UAE has maintained close ties to Russia despite the war, but has served as a key interlocutor between Kyiv and Moscow to negotiate prisoner exchanges. On Sunday, OPEC+ met and decided to increase its production by an additional 1,37,000 barrels of oil beginning in December. However, it said other adjustments planned in January, February and March of next year would be paused due to ...

OPEC+ has raised output targets by more than 2.7 million barrels per day - about 2.5% of global supply - since April but slowed the pace in October and November from larger increases amid predictions

Key members of the group led by Saudi Arabia are discussing a hike of about 137,000 barrels a day - matching those made in October and November

Global crude oil supplies are poised for a deepening glut, with prices likely to decline toward $50 per barrel by mid-2026 amid sluggish demand growth and robust production

Oil prices are projected to trade in a broader $58-$64 range in the coming weeks

Opec+ is unwinding cuts, restoring 2.72 million barrels per day by November, with Iraq adding 500 thousand barrels per day via Kurdish pipelines, worsening a 0.5 million barrels per day surplus

WTI crude oil prices opened weaker, tumbling over 4 per cent in early trading, a sharp reversal from the prior week's modest 2.2 per cent.

Brent crude faces limited upside above $70, as higher prices may dampen Chinese demand, while increased OPEC+ production is helping offset geopolitical risks

Key alliance members said they expect to approve adding about 137,000 barrels during a video call on Sunday, as the group led by Saudi Arabia and Russia begins unwinding next layer of halted supplies

Since the conclusion of the Iran-Israel conflict, oil prices have retreated and stabilised within a broader trading range of around $6 per barrel

Geopolitical developments are a primary driver of market uncertainty. The Trump-Putin talks could either ease concerns over US sanctions on Russian oil or escalate tensions if negotiations falter.

The US Labour Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2 per cent from 4.1 per cent

OPEC's demand forecasts are at the higher end of the industry range, as the agency expects a slower energy transition than some other forecasters

Since April, OPEC and its partners have pivoted from years of output restraint to reopening the taps, surprising crude traders and raising questions about the group's long-term strategy

Crude oil markets are pricing in a fair amount of uncertainty at the current levels, Das said. That's why oil had dropped below $60 for a time-before the West Asia tensions pushed it back up

Oil prices: A meaningful upside in oil prices seems limited as the recent rally has been driven more by geopolitical risks than by fundamental demand

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The more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalised in a video conference

Both contracts fell more than 2 per cent in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market