Oil prices are heading towards the longest monthly decline streak in the last two years, as investors focus on the OPEC+ meeting to be held this weekend and follow the US-led efforts to end the conflict in Ukraine.
While Brent oil moved horizontally above $63 per barrel after a slight increase on Thursday, US-type crude oil (WTI) hovered around $59. The globally accepted benchmark Brent is preparing to close November with a decline for the fourth consecutive month; this means the longest period of decline seen since May 2023.
OPEC+ member countries will hold an online meeting on Sunday. According to representatives, the group is expected to maintain its decision to postpone the planned production increases scheduled for early 2026. It is also stated that assessments regarding the members’ long-term production capacity may also come to the fore in the meeting.
The price of Brent oil has declined by approximately 15 percent year-to-date. OPEC+’s capacity increase plans increasing concerns about a global supply surplus and producers outside the alliance also increasing production are putting pressure on prices. According to JPMorgan’s estimates, a supply surplus of 2.8 million barrels per day could occur in the market next year, and 2.7 million barrels in 2027.
Source: Dünya
