Saudi Oil Exports Surge as OPEC+ Weighs Production Increase, Fueling Price Decline
DUBAI – Saudi Arabia’s oil exports have climbed to their highest level in 18 months, coinciding with anticipated increases in output from the OPEC+ alliance and intensifying concerns about a potential global surplus. The surge in supply is contributing to downward pressure on crude prices, with some analysts forecasting a significant drop in the coming year.
The OPEC+ group is scheduled to meet on Sunday to discuss production levels for november.An agreement to boost output would further expand global supplies at a time when economic headwinds are already dampening demand.Wall Street banks predict Brent crude could fall into a range of $50 per barrel in 2026, reflecting expectations of a softening market.
Adding to the supply picture,the Turkish port of Jihan is preparing to receive the first oil shipment from Iraq’s Kurdistan region since 2023. This follows a recent agreement to restart flows through the pipeline, injecting additional barrels into the global market. The resumption of exports from kurdistan, combined with increased Saudi output and potential OPEC+ increases, signals a growing availability of oil worldwide.
Prices have been modified to reflect market movements.
