Oil prices drop as OPEC+ output hike looms

Business Sep 30, 2025

Oil prices slid on Tuesday, with Brent crude dropping to $67.03 a barrel and US West Texas Intermediate falling to $62.35.
The main reason? People are worried there's about to be too much oil, thanks to expected output increases from OPEC and the restart of exports from Iraq's Kurdistan region.

OPEC+ meeting on Sunday to discuss production increase

OPEC is meeting this Sunday to discuss pumping out even more oil—potentially adding 411,000 barrels per day for November, which could put extra pressure on US producers.
Plus, the return of Kurdish oil flows and ongoing geopolitical tensions are keeping traders on edge.
With possible US government shutdown worries and everyone watching for new stockpile data, the market is feeling pretty cautious right now.