OPEC+ Adds Supply for Fifth Straight Month, Brent Tops $91

Brent crude settled at $91.28 a barrel on Monday, September 1, holding above the $90 threshold that market forecasters did not expect to last through a fifth consecutive month of OPEC+ production additions.

The Organization of the Petroleum Exporting Countries and its allies agreed to add 188,000 barrels per day to collective output for September, marking the fifth straight monthly increase as the group continues unwinding production restraint imposed during the demand uncertainty of 2023.

Tight inventories have been a major driver of current prices, with US commercial crude stocks remaining below the five-year seasonal average through late August. The Energy Information Administration's weekly petroleum status report due September 2 will provide insight into whether that gap has begun to narrow.