Crude oil futures traded lower on Monday morning amid reports that OPEC+ is likely to announce another output hike at its meeting scheduled for October 5.
At 9.56 am on Monday, December Brent oil futures were at $68.85, down by 0.53 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $65.30, down by 0.64 per cent. October crude oil futures were trading at ₹5,804 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5,833, down by 0.50 per cent, and November futures were trading at ₹5,765 against the previous close of ₹5,786, down by 0.36 per cent.
Quoting three unnamed sources, a Reuters report said that OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting on October 5. This will help the group to further regain its market share.
The proposed move could add to a series of output hikes in 2025. OPEC+ had made output cuts in 2023 and 2024.
In another development, Iraq’s Kurdistan region restarted crude oil exports over the weekend after a halt of two-and-a-half-years. As a part of agreement between Iraq, the Kurdistan Regional Government, and the oil companies operating in the region, around 180,000 barrels per day of oil will be supplied from Kurdistan region to Ceyhan port in Türkiye. Market reports said this volume could go up to around 230,000 barrels per day in future.
October natural gas futures were trading at ₹280.70 on MCX during the initial hour of trading on Monday against the previous close of ₹283.10, down by 0.85 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹12,460 in the initial hour of trading on Monday against the previous close of ₹12,314, up by 1.19 per cent.
October guarseed futures were trading at ₹4,916 on NCDEX in the initial hour of trading on Monday against the previous close of ₹4,933, down by 0.34 per cent.
Published on September 29, 2025