By Mackenzie Tatananni

Oil stocks slid in premarket trading Wednesday following a report that said the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, was weighing a boost to oil production.

The organization could begin to unwind a second layer of output cuts of about 1.65 million barrels per day more than a year ahead of schedule, Reuters reported, citing two sources familiar with the matter. This figure represents about 1.6% of world demand.

Oil-linked stocks broadly declined on the news. APA fell 2.2%, Halliburton was down 2%, and Phillips 66 and W&T Offshore each slipped 1.6%. Schlumberger and Occidental Petroleum declined 1.5% and 1%, respectively.

Oil prices also were falling. Brent crude futures, the international benchmark, and West Texas Intermediate futures, the U.S. benchmark, were down 1.8% and 2.2%, respectively.

Members of OPEC+ are set to meet Sunday to discuss production policy against the backdrop of a surge in supply that is currently outpacing demand.

At the start of August, eight members including Saudi Arabia and Russia agreed to accelerate scheduled production increases following earlier adjustments in April and November 2023.

The 2.2 million bpd of production cuts in November 2023, which were initially slated to unwind by September 2026, will now be fully unwound by this month. This comes in addition to a 300,000 bpd quota increase for the United Arab Emirates.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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September 03, 2025 07:47 ET (11:47 GMT)

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