Crude oil prices have spiked higher after OPEC posts on X that they:
- Dismiss media reports regarding upcoming G8 meetings
The OPEC Secretariat firmly rejects recent media reports alleging that the Group of Eight (G8) countries are planning to increase production by 500 kb/d. These claims are wholly inaccurate and misleading. At present, discussions among the relevant Ministers concerning the upcoming meeting have not yet commenced. Consequently, the OPEC Secretariat strongly urges media outlets to exercise accuracy and responsibility in their reporting in order to avoid fueling unnecessary speculation in the oil market.
Crude oil has moved up from a low near $62.02 the current price of $62.94. That is still lower on the day ($-0.52).
Earlier today, OPEC+ is weighing the possibility of a larger oil output increase for November, with discussions centered on a potential hike of around 411,000 barrels per day (bpd) and even considering as much as 500,000 bpd, according to Reuters sources. Bloomberg reported that the group may discuss implementing a 500,000 bpd hike over three months, while OPEC+ is also considering accelerating its current supply hike plan in monthly increments of roughly 500,000 bpd to regain market share. Additionally, Saudi Arabia and its partners will review the early return of the remaining 1.66 million bpd supply tranche at their October 5 meeting. No final decision has been made yet, but a hike of this magnitude remains one of the key options under discussion.
