That decision, if confirmed, will leave traders and executives at the APPEC conference grappling with the impact of having even more oil coming into a world that is already preparing to have more than it requires in the fourth quarter of the year, and into 2026.
An expected move by the world’s top oil-producing nations to once again increase output will set the tone for Asia’s biggest gathering of oil executives this week in Singapore, with chatter about looming oversupply certain to dominate conversations.
OPEC+ shocked the market earlier this year by abandoning a long-standing effort to shore up prices, opting instead to recoup dominance with a slew of production increases. The group has agreed in principle to raise output again next month, according to delegates, with key alliance members saying they expect to approve adding about 137,000 barrels during a video call on Sunday.
