OPEC+ Meeting in Focus as Oil Prices Climb

The global oil market is experiencing a significant upturn, with prices for both major benchmarks, West Texas Intermediate (WTI) and Brent Crude, showing strong gains. WTI Crude futures are trading at $65.56, up over 2.4% today, while Brent Crude is hovering around $69.05, also marking a notable increase. This rally is gaining momentum as market participants look ahead to the next OPEC+ meeting, scheduled for Sunday, September 7, 2025.

The Road to the OPEC+ Decision

The current price surge is driven by a combination of factors, but the upcoming OPEC+ meeting is a major focal point. Market sentiment largely anticipates that the group will opt to keep its current production quotas unchanged. This “wait and see” approach would follow the group’s recent actions, which saw them unwinding 2.2 million barrels per day (bpd) of voluntary cuts over the last six months. A decision to hold steady would signal that the cartel believes the market is balanced for now, limiting price volatility ahead of the weekend.

However, some analysts are highlighting the possibility of an oversupply in the market, which could compel OPEC+ to reinstate production cuts to prevent a significant glut. This uncertainty, coupled with geopolitical tensions and a general risk-on sentiment in the market, is contributing to the current upward price pressure.

A Look at the Broader Market

Beyond the upcoming OPEC+ decision, the energy market is reflecting broader economic trends. The price of other related commodities is also on the rise, with gasoline and heating oil futures seeing significant gains. This movement suggests a broader increase in demand for refined products. Meanwhile, the futures curve for WTI shows a state of contango, with prices for future months being slightly lower than the front-month contract, a pattern that reflects an expectation of a well-supplied market over time.

While a bearish sentiment has been present in recent months, with prices experiencing some decline, the current rally indicates that bullish forces are taking over, at least in the short term. All eyes will now be on the outcome of the OPEC+ meeting this weekend, which will largely determine the next major move for oil prices.