Crude drifts lower despite OPEC+ output plans – BBH

Crude Oil prices slip as OPEC+ halts early 2026 output increases, while a growing global surplus keeps downward pressure on the market, BBH FX analysts report.

OPEC+ approves 137k bpd December boost

"Crude Oil prices are drifting lower despite OPEC+ plans to pause output hikes next year. OPEC+ matched expectations and agreed to raise output by 137k barrels a day in December. Beyond December, OPEC+ unexpectedly decided to pause the increase in crude Oil production in the first three months of 2026."

"The widening glut in crude Oil remains a major headwind for crude Oil prices. According to the IEA, global Oil balances have seen a 1.9 mb/d surplus since the start of the year and are expected to reach a record surplus of 3.3 mb/d in 2026."