{"id":1300949,"date":"2025-10-03T11:28:41","date_gmt":"2025-10-03T08:28:41","guid":{"rendered":"https:\/\/prm.ua\/world-oil-prices-collapse-ahead-of-opec-meeting\/"},"modified":"2025-10-03T11:28:41","modified_gmt":"2025-10-03T08:28:41","slug":"world-oil-prices-collapse-ahead-of-opec-meeting","status":"publish","type":"post","link":"https:\/\/prm.ua\/en\/world-oil-prices-collapse-ahead-of-opec-meeting\/","title":{"rendered":"World oil prices collapse ahead of OPEC+ meeting"},"content":{"rendered":"

Oil prices fell sharply on October 3, falling nearly 2% to their lowest levels since the beginning of the summer. Brent crude fell to $64.11 a barrel and WTI to $60.48.<\/strong><\/p>\n

Reuters reports<\/a> this.<\/p>\n

The price declines were fueled by concerns about oversupply ahead of the OPEC+ meeting next weekend. Additional pressure on the market was put by forecasts of rising oil inventories and a seasonal slowdown in demand.<\/p>\n

OPEC+ members are considering increasing oil production by 500,000 barrels per day in November, three times the October quota increase, sources close to the talks said, with Saudi Arabia leading the charge, seeking to strengthen its position in the market.<\/p>\n

According to JPMorgan analysts, the market has entered a phase of rethinking, and excess supply should be expected in the fourth quarter of 2025. Increased production from OPEC+, as well as reduced refining at oil refineries due to maintenance and seasonal declines in consumption, will contribute to the accumulation of reserves.<\/p>\n

HFI Research points out that the US is experiencing a trend of increasing reserves not only of crude oil, but also of its refined products – gasoline and distillates. Experts believe that further increase in exports by OPEC+ countries could further worsen the balance on the global market.<\/p>\n

PVM Energy points out that oil demand forecasts have been repeatedly lowered since the beginning of the year, by an average of 150,000 barrels per day. In addition, the G7 finance ministers continue their policy of economic pressure on Russia, limiting the possibilities for its oil export growth.<\/p>\n

As a reminder, Indian officials have asked the Trump administration to allow the purchase of oil from sanctioned Iran and Venezuela amid the suspension of supplies from Russia.<\/a><\/p>\n

As reported, the European Union is considering trade measures aimed at restricting imports of Russian oil through the Druzhba gas pipeline, which is used by Hungary and Slovakia.<\/a><\/p>\n

Also follow \u201cPryamim\u201d<\/strong> on Facebook<\/a> , Twitter<\/a> , Telegram<\/a> , and Instagram.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices fell sharply on October 3, falling nearly 2% to their lowest levels since the beginning of the summer. Brent crude fell to $64.11 a barrel and WTI to $60.48. Reuters reports this. The price declines were fueled by concerns about oversupply ahead of the OPEC+ meeting next weekend. Additional pressure on the market […]<\/p>\n","protected":false},"author":59,"featured_media":1231536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[76892,76870,76871,76872],"class_list":["post-1300949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-world","category-news-2","category-news-feed"],"_links":{"self":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1300949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/comments?post=1300949"}],"version-history":[{"count":0,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1300949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media\/1231536"}],"wp:attachment":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media?parent=1300949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/categories?post=1300949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}