Oil prices held steady through third quarter, EIA says
Crude oil prices have remained “relatively stable” in the third quarter of 2025, the US Energy Information Administration (EIA) said in a report.
IMAGE: Oil storage tanks. Getty Images
Oil has traded in a “narrow range” during the July-September period of this year, as expected hikes in OPEC+ production offset geopolitical tensions, the EIA said.
Brent crude’s price began the last quarter averaging around $70/bbl in July, following the 12-day conflict between Israel and Iran at the end of the second quarter.
Prices declined to an average of $67/bbl in August and $68/bbl in September as eight members of the OPEC+ alliance continued to bring back more barrels to the oil market with monthly supply hikes.
The Saudi Arabia-led group collectively increased its supply by 411,000 b/d in July, from June’s production levels. It announced a larger-than-expected boost in output targets by 548,000 b/d in August and by 547,000 b/d in September, expediting its plan to increase crude production.
“OPEC+ announcements in July, August, and September to increase production put downward pressure on crude oil prices,” the US energy agency said.
The consortium has agreed to collectively increase their production by another 137,000 b/d in November.
This is the seventh consecutive time that they plan to expedite production, however, it is much lower than the monthly increases between July and September.
By Aparupa Mazumder
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