Crude drifts lower despite OPEC+ output plans – BBH
|Crude Oil prices slip as OPEC+ halts early 2026 output increases, while a growing global surplus keeps downward pressure on the market, BBH FX analysts report.
OPEC+ approves 137k bpd December boost
"Crude Oil prices are drifting lower despite OPEC+ plans to pause output hikes next year. OPEC+ matched expectations and agreed to raise output by 137k barrels a day in December. Beyond December, OPEC+ unexpectedly decided to pause the increase in crude Oil production in the first three months of 2026."
"The widening glut in crude Oil remains a major headwind for crude Oil prices. According to the IEA, global Oil balances have seen a 1.9 mb/d surplus since the start of the year and are expected to reach a record surplus of 3.3 mb/d in 2026."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.