Oil Falls After OPEC Signals Lasting Surplus and Stronger Non‑OPEC Supply

Overview

• Brent slid to about $63.15 and WTI to $58.95 intraday Wednesday, reversing earlier gains from the week.
• OPEC reported a third‑quarter surplus of roughly 500,000 barrels per day and pointed to a potential surplus in 2026.
• The group raised its 2025 estimate for non‑OPEC supply growth to roughly 900,000 barrels per day, with the United States accounting for more than half of the increase.
• Petrobras stock fell roughly 2%–3% by early afternoon as lower crude prices pressured energy shares, with Citi maintaining a neutral view on the company.
• The IEA said in its World Energy Outlook that oil and gas demand could keep growing through 2050, even as short‑term geopolitical risks and refinery outages continue to jolt prices.