Oil slipped before an OPEC+ meeting as traders wait to see whether the group will heed or snub a US call to boost crude supplies.
West Texas Intermediate fell toward US$93 a barrel after swinging between gains and losses. The Organization of Petroleum Exporting Countries and its allies including Russia convene virtually later Wednesday, and a Bloomberg survey of traders and analysts suggested the alliance led by Saudi Arabia was more likely to keep output steady in September than agree on an increase. Kazakhstan said on Wednesday that the group may have to raise output.
“It seems unlikely OPEC+ will do anything when it meets later today,” said Callum Macpherson, head of commodities at Investec. “If it did decide to increase output in any form, this could come as quite a surprise and lead to Brent testing levels further under US$100 a barrel.” US President Joe Biden visited Saudi Arabia last month in an effort to convince OPEC+ to produce more crude after gasoline hit a record. Ahead of this week’s meeting, an administration official talked up the prospect for a positive announcement though some members have been unable to meet output quotas. Separately, the State Department approved possible military sales to Saudi Arabia and the United Arab Emirates worth more than a combined US$5 billion.
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