Crude Oil Prices Fall Ahead Of OPEC+ Output Decision

Crude Oil prices fell for the third consecutive session on Friday as investors awaited the outcome of the upcoming OPEC+ meeting, where members will weigh further output hikes. 

Brent crude slipped 23 cents, or 0.3%, to $66.77 a barrel, while U.S. West Texas Intermediate (WTI) dropped 19 cents, or 0.3%, to $63.29.

OPEC+ Output Plans

OPEC+ members, including Russia, are set to meet on Sunday to discuss additional production increases from October, as per Reuters. If approved, the group would unwind part of the 1.65 million barrels per day in extra cuts, about 1.6% of global demand, well ahead of the planned schedule. With OPEC+ supplying nearly half of the world’s oil, the decision could significantly shape market direction.

U.S. Stock Build And Maintenance Season

Adding to the pressure, U.S. crude inventories unexpectedly rose by 2.4 million barrels last week, against analyst expectations of a 2-million-barrel draw. The build comes as refineries enter seasonal maintenance, reducing demand for crude.

Geopolitical Pressure From Russia Oil Ban

Meanwhile, U.S. President Donald Trump urged European leaders to halt imports of Russian oil. Any potential disruption in Russia’s supply could offset bearish sentiment and push prices higher.

Also Read: Best Oil and Gas Stocks in India in August 2025!

Conclusion

With oil prices under pressure from rising inventories and potential OPEC+ output increases, traders remain cautious. However, geopolitical tensions around Russian crude exports may limit further downside.

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