Web Desk

<span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ISLAMABAD:&nbsp;<span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Global oil prices fell to a two-week low on Thursday after an unexpected build in U.S. crude inventories and growing speculation that OPEC+ may raise output in their meeting on Sunday. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Eight core members, often referred to as the &lsquo;Voluntary Eight&rsquo; (V8), are now weighing an output increase starting in October. The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.&nbsp;<span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">A final decision is expected at the <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><a href="https://www.pakistantv.com/article/opec-meets-with-future-oil-production-hanging-in-the-balance" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">OPEC+ meeting</a><span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> on Sunday. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">This comes after their earlier cut production by 2.2 million barrels per day (bpd), with the United Arab Emirates reducing a further 300,000 bpd to stabilize the market. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">According to the U.S. Energy Information Administration (EIA) crude oil stockpiles rose by 2.4 million barrels last week, which was unprecedented for analysts who were expecting a 2.0 million barrel draw.&nbsp; <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The American Petroleum Institute (API) also reported an increase, but only by 0.6 million barrels. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Brent crude for October delivery closed at $68.12 a barrel on Friday, down 50 cents or 0.73%. The November contract, which is now the main one traders follow, slipped 53 cents or 0.78% to end the day at $67.45, as reported by Reuters.&nbsp;<span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Eight core members are now considering an output increase in October, Reuters reported, with a final decision expected at the alliance&rsquo;s Sunday meeting. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Such a move would represent a shift from their strategy adopted in April. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Analysts say the decision to increase quotas was aimed at regaining market share, following diplomatic pressure from United States President Donald Trump to reduce energy prices. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Back in January, Trump pushed for <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><a href="https://www.pakistantv.com/article/oil-plunges-after-trumps-iran-comments-asian-markets-mixed" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">oil price reductions</a><span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> during the annual World Economic Forum in Davos, Switzerland. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 700; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Past Comments&nbsp;<span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">US President Donald Trump called on Saudi Arabia and OPEC to reduce oil prices during the annual World Economic Forum in Davos.&nbsp; <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Speaking to global leaders and business executives, Trump said he would formally request the oil-producing alliance to take action on energy costs. <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">&quot;I&#39;m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,&quot; Trump announced during the session. He added, &quot;You&#39;ve got to bring down the oil price, you&#39;ve got to end that war. They should have done it long ago; they&#39;re very responsible, actually, to a certain extent, for what&#39;s taken place.&quot; <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Trump&rsquo;s comments come amid rising geopolitical tensions and ongoing efforts by the United States to curb Russian oil exports.&nbsp; <span style="font-size: 18px; font-family: Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">His administration has recently imposed tariffs on countries like India for purchasing Russian crude and urged European allies to reduce energy ties with Moscow.

TOKYO: A man walks past an electronic quotation board displaying numbers of the Nikkei Stock Average (R) on the Tokyo Stock Exchange in Tokyo on January 13, 2026. (File Photo by AFP/Kazuhiro Nogi)

Middle East

OPEC+ is likely to raise output in October, with Saudi Arabia, Russia, and others weighing a shift from earlier cuts; oil fell as US inventories rose ahead of Sunday's meeting.

Articles tagged with "OPEC"

OPEC+ expected to raise production levels in major strategic shift