Oil prices fell on Wednesday as traders turned attention to the upcoming OPEC+ meeting, where producers may decide to further raise output from October.
By mid-morning ET, West Texas Intermediate (WTI) was down 2% at $64.34 per barrel, while Brent crude dropped 1.76% to $68.02.
OPEC+ Meeting in Focus
The OPEC+ alliance is set to meet on September 7 to decide production policy. Sources told Reuters that the group is weighing whether to increase output again in October or keep volumes steady compared with September.
In early August, the coalition agreed to raise production by 547,000 barrels per day (bpd) for September, completing the rollback of earlier 2.2 million bpd cuts. The bloc still has 1.66 million bpd in cuts scheduled to remain in place until 2026, unless it opts to release them.
If producers tap these remaining cuts, analysts say it would mark a shift toward regaining market share, potentially putting further downward pressure on prices.
Market Impact
OPEC+ began unwinding cuts in April, a move that has kept prices subdued despite geopolitical tensions and peak summer demand. Crude is currently about $10 above April’s 2025 low of $58 per barrel.
While lower prices align with U.S. President Donald Trump’s push for cheaper energy, they also raise concerns of budget strain for producers and reduced drilling activity in the U.S. shale sector.