Oil Turns Lower on Report OPEC+ to Consider Fresh Supply Boost

Oil steadied after closing at the highest in a month as investors weighed geopolitical risks. Photographer: David Paul Morris/Bloomberg

(Bloomberg) -- Oil fell after a report that the OPEC+ alliance will consider a fresh round of supply increases when the group meets at the weekend.

Global benchmark Brent fell as much as 1.8% in London, extending an earlier decline.

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OPEC+ will consider further raising output at a meeting on Sunday, Reuters reported, citing two sources familiar with the discussions. Most analysts and traders expected it to stand pat on production for October, pausing a long run of increases. An OPEC delegate said last month that the producer group could take one of several paths at the September meeting, including hiking and cutting output.

The cartel has surprised markets several times this year by embarking on a strategy to reclaim market share, despite the expectation that supplies outside of the group will surge toward the end of 2025. That’s set to leave the oil market heavily oversupplied in the fourth quarter, leaving many traders and analysts bearish on prices.

--With assistance from Nicholas Lua and Sarah Chen.

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