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- WTI price struggles amid oversupply concerns ahead of OPEC+ meeting.
- OPEC+ members plan to increase production by 137,000 barrels per day in December.
- Indian Oil Corp has bought five cargoes of Russian Oil for December delivery from non-sanctioned suppliers.
West Texas Intermediate (WTI) Oil price remains subdued for the second successive session, trading around $60.00 per barrel during the Asian hours on Friday. Crude Oil prices are on track to post their third consecutive monthly decline, driven by the oversupply concerns ahead of the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, meeting.
Eight OPEC+ members are reportedly planning to increase production by 137,000 barrels per day in December as part of their strategy to reclaim market share. Additionally, Saudi Arabia’s crude exports reached a six-month high of 6.41 million barrels per day in August, and further increases are anticipated. The Energy Information Administration (EIA) reported in its weekly Petroleum Status Report on Wednesday, indicating a record US output of 13.6 million bpd last week.
Oversupply concerns have helped offset the impact of recent US sanctions on major Russian Oil producers, as investors monitor how the measures will affect exports to key buyers such as India and China. However, traders reported that Indian Oil Corp has purchased five cargoes of Russian Oil for December delivery from non-sanctioned suppliers, resuming imports despite pressure from Washington to halt purchases of Russian crude, per Reuters.
US President Donald Trump announced on Thursday that China has agreed to begin purchasing US energy, with expectations of significant Oil and gas imports from Alaska. However, analysts remained skeptical about whether the US-China trade deal would meaningfully boost Chinese demand for US energy.
