Oil traders believe OPEC+ will hold production levels unchanged at this weekend’s meeting

Oil traders expect OPEC+ to leave crude output unchanged at a meeting this weekend, pausing after months of faster supply ￰0￱ from the Organization of the Petroleum Exporting Countries and its allies have sent mixed ￰1￱ group has already restored 2.2 million barrels daily, a year earlier than ￰2￱ is steady, but the International Energy Agency still sees a sizable surplus by ￰3￱ are down about 9% this year as the OPEC+ ramp-up collides with slower Chinese fuel use and rising flows from the United States, Brazil and ￰4￱ traded near $68 a barrel on Monday, pressuring producers ￰5￱ is a win for President Donald Trump, who pushes for cheaper fuel, but threatens producers’ revenue.

“I expect OPEC+ to hold fire through the current refinery maintenance season to assess if the widely expected downside to crude prices will materialize,” said Aldo Spanjer, head of energy strategy at BNP ￰6￱ say the recent surge aimed to reclaim market share lost during years of ￰7￱ 1.66 million barrels a day of capacity is due to stay offline until the end of next ￰8￱ so, most traders and analysts surveyed by Bloomberg do not expect an immediate ￰9￱ respondents predicted OPEC+ will keep output flat in October when ministers meet by video on Sunday (Sept. 7), while six expected a modest ￰10￱ OPEC+ move could be a cut or further hike At last month’s meeting, eight key members approved a September rise of 547,000 barrels a day, completing the return of 2.2 million barrels a day shut in during ￰11￱ also signaled the next move could be a cut or another increase.

“The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions,” the producers said on OPEC’s ￰12￱ analysts, including Martijn Rats at Morgan Stanley, say OPEC+ may need to cut output next year to avoid a ￰13￱ rose more than 1% on Monday on worries over Russia-Ukraine airstrikes and a weaker ￰14￱ 1335 GMT, Brent traded at $68.28 per barrel, up $0.80 (1.2%). In the U. S., West Texas Intermediate rose by $0.80 (1.3%) to $64.81. Trading was muted by a ￰15￱ ￰16￱ and WTI posted their first monthly declines in four months in August, losing 6% or more on extra OPEC+ supply.

“Crude fell in August and has started September with no clear direction within established ranges as fears of a fourth-quarter supply glut are offset by geopolitical tensions,” said Ole Hansen, head of commodity strategy at Saxo ￰17￱ said attention had shifted to Beijing, where China’s Xi Jinping, Russia’s Vladimir Putin, and India’s Narendra Modi are attending a regional ￰18￱ added that the OPEC+ meeting on September 7 was also in ￰19￱ remain wary of Russian flows Weekly shipments from its ports fell to a four-week low of 2.72 million barrels per day, ANZ said, citing tanker-tracker ￰20￱ Sunday, Ukrainian President Volodymyr Zelenskiy vowed to answer with more strikes deep inside Russia after Russian drones hit power facilities in northern and southern ￰21￱ sides have intensified airstrikes, hitting energy sites and disrupting Russian ￰22￱ analysts said oil inventories should rise in the last quarter of 2025 and the first quarter of 2026, with a surplus of 1.6 million barrels per day in the fourth ￰23￱ U.

S. labor-market report this week will show the economy’s health and test investor confidence that interest-rate cuts are coming ￰24￱ the data, the dollar was near a five-week low on Monday, making oil cheaper for other ￰25￱ crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites