OPEC+ Expected to Maintain Oil Production Amid Surplus Concerns

OPEC+ members are set to meet on Sunday to discuss oil production policy amid concerns of a global supply glut that could pressure prices. Despite recent increases in output totaling 2.2 million barrels per day, most analysts and traders expect OPEC+ to maintain current production levels for October, with the possibility of future cuts if surplus concerns worsen. Oil prices have seen some gains, with Brent crude rising above $68 per barrel, but overall prices remain pressured by steady demand, increased U.S., Brazilian, and Canadian production, and slower fuel consumption in China. European natural gas prices have also risen due to reduced Norwegian supply amid maintenance, while U.S. crude inventories have declined for two consecutive weeks. The meeting outcome is significant as it could influence global energy markets and aligns with President Donald Trump's preference for lower fuel prices, although it poses challenges for producers' revenues. Market watchers suggest OPEC+ might pause its current production strategy to assess market conditions before deciding on potential supply adjustments later in the year.