Brent crude for November 2025 delivery, which expires on September 30, fell 95 cents, or 1.4%, to $67.02 a barrel. The more active December 2025 contract closed at $66.03 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $1.08, or 1.7%, to $62.37 a barrel.
In the session on September 29, Brent and WTI oil prices both fell more than 3%, the sharpest daily decline since August 1.
At its meeting on October 5, OPEC+ is likely to accelerate the production increase in November 2025, after increasing 137,000 barrels/day in October 2025, as the leading country Saudi Arabia is trying to regain market share.
Sources said the eight members of OPEC+ may agree to increase production in November 2025 by 274,000-411,000 barrels per day, which is two or three times higher than the increase in October 2025. OPEC+ accounts for about half of the world 's oil production. The increase could be as high as 500,000 barrels per day, according to sources. Bloomberg News reported on September 30 that OPEC+ was considering increasing production by 500,000 barrels per day.
Meanwhile, crude oil was shipped via pipeline from Iraq's semi-autonomous Kurdistan region to Türkiye on September 27 for the first time in two and a half years, after a temporary deal broke the deadlock.
The market has remained cautious in recent weeks, balancing supply risks, mainly due to the conflict in Ukraine affecting Russian refinery operations, with expectations of oversupply and weak demand.
ANZ analysts said the risk of a US government shutdown was raising concerns about demand. Meanwhile, data from the US Energy Information Administration released on September 30 showed that the country's crude oil production increased by 109,000 barrels per day from the previous record in June 2025, reaching a new monthly high of 13.64 million barrels per day in July 2025.
Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-the-gioi-tiep-tuc-giam-do-don-doan-opec-sap-tang-san-luong-20251001075830926.htm
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