On 9 September 2025, global crude oil markets showed renewed momentum, with Brent crude rising modestly to around $66.37 per barrel and West Texas Intermediate (WTI) trading near $62.58 per barrel.
This uptick followed OPEC+’s announcement of a far smaller-than-expected production increase just 137,000 barrels per day starting October a move that tempered market fears of oversupply.
At the same time, HSBC’s analysis revealed that this modest increase marks the start of OPEC+ unwinding 1.65 million barrels per day of voluntary cuts over the coming year an earlier reversal than anticipated.
Market watchers are already revising 2026 price projections downward; for example, Commerzbank lowered its Brent forecast from $70 to $65 per barrel based on expectations of increased supply.
Adding to the complex picture, executives at the APPEC conference in Singapore voiced caution. Despite the recent price uptick, they anticipate oil price pressure due to rising supply and sluggish demand, worsened by macroeconomic headwinds like U.S. tariffs.
In parallel, Saudi Arabia has trimmed October selling prices for its crude to Asia cutting Arab Light prices by $1 above Oman/Dubai averages, and other grades by $0.90 despite OPEC+’s decision to raise output. This suggests that key producers are seeking to protect market share amid uncertain demand dynamics.
Source: Reuters
Written By Ian Maleve
