OPEC+ fails to reassure market, leading to worst week for oil prices since October 2023.

• Since October 2023, the Brent global benchmark has fallen 7.2% and is currently on track for its worst week.
• Since early May, the U.S. benchmark has experienced its worst week with a 5.4% decline.
• Plans to increase production by 180,000 barrels per day were delayed by OPEC+ due to a steep decline in oil sales this week.

The OPEC+ decision to delay a production increase did not alleviate concerns that demand would exceed supply, resulting in a potential deep weekly loss for crude oil futures.

The Brent global benchmark has dropped 7.2% and is heading towards its worst week since October 2023. Meanwhile, the U.S. benchmark has fallen 5.4% and is experiencing its worst week since early May.

OPEC+ postponed plans to increase production by 180,000 barrels per day until December due to a sharp decline in oil prices this week. This will result in an additional 2.2 million bpd being added to the market by the end of next year.

Here are Friday's energy prices:

• The October contract price for crude oil is $69.43 per barrel, which represents a 63 cent increase or 0.4% rise. Despite this, the year-to-date decline in U.S. crude has been 5.5%.
• The November contract price for a barrel of oil is $72.97, an increase of 28 cents or 0.39%. Despite this, the global benchmark has decreased by 7.3% year to date.
• The price of gasoline in October is $1.94 per gallon, a 2-cent increase, or 1.04%. However, year-to-date, gasoline prices have decreased by 7.4%.
• The price of gas per thousand cubic feet in October remains little changed at $2.24. However, year to date, gas prices have fallen by 10.5%.

As oil demand slows in China due to the world's largest crude importer rapidly transitioning to electric vehicles, those barrels will return to the market.

Bank of America has revised its oil forecast for 2025, lowering its prediction for Brent from $80 to $75 and for the U.S. benchmark from $75 to $71.

Brent prices are predicted to average in the $60 range next year, according to Citi, as the market is expected to enter into a substantial surplus.