A move by the world’s top oil-producing nations to once again increase output is set to cast a pall over Asia’s biggest gathering of industry executives this week in Singapore, with chatter about an imminent supply glut certain to dominate conversations.
OPEC+ shocked the market earlier this year by abandoning a long-standing effort to shore up prices, opting instead to recoup dominance with a slew of production increases. On Sunday, the group stuck with that bold strategy despite warnings it would compound a slide in prices, agreeing in principle to raise output again next month — albeit with a modest 137,000 barrels a day.