Oil Prices Slide Over 2% Ahead of OPEC+ Meeting on Potential Output Hike

Global oil prices fell sharply on Wednesday (Sept 3) as investors grew cautious ahead of the upcoming OPEC+ meeting, where producers are expected to discuss raising output starting in October 2025.

At the close, Brent crude dropped $1.47, or 2.13%, to settle at $67.67 per barrel, while WTI crude slid $1.58, or 2.41%, to $64.01 per barrel.

OPEC+ weighs easing supply cuts

According to Reuters, eight core OPEC members and their allies will convene on Sept 7 to evaluate whether to boost production as part of efforts to regain market share.

Any move to increase supply would mean OPEC+ — which controls around 50% of global oil output — could unwind its second round of production cuts of about 1.65 million barrels per day (roughly 1.6% of global demand) a year earlier than initially planned.

Output growth faces structural challenges

OPEC+ had previously agreed to lift production targets by 2.2 million barrels per day between April and September 2025, along with an additional 300,000 bpd quota for the United Arab Emirates (UAE).

However, actual production increases have lagged commitments. Some members had to offset prior overproduction, while others struggled with capacity constraints, limiting the group’s ability to ramp up supply.

Market outlook remains volatile

Analysts note that if OPEC+ formally approves higher output, the oil market could face oversupply pressures, driving prices lower in the near term. Conversely, any delay or a decision to maintain current policy could lend support to prices.