(Oil Price)– Oil prices saw a small recovery on Friday morning after a continued selloff this week.
Friday, October 3, 2025
An 8% weekly loss is a rare occurrence in oil markets, especially if it comes on the back of five straight daily declines. Even though Friday’s trading has shown a marginal recovery with ICE Brent edging closer to $65 per barrel, however it seems that Sunday’s OPEC+ meeting could prompt further price declines in case members agree to expedited production unwinding. Amidst a US government shutdown and record year-to-date high OPEC+ crude exports in September, bearishness is gradually becoming the mainstream sentiment.
OPEC+ Demands Stricter Compliance. The joint ministerial monitoring committee of OPEC+ has stressed the need for full compliance with respective members’ production quotas, just as Kazakhstan’s output came in at 1.65 million b/d last month or 12% above its 2025 quota, despite seasonal field maintenance.
Warren Buffett Doubles Down on Oxy. Warren Buffett’s Berkshire Hathaway (NYSE:BRK) has agreed to buy Occidental’s (NYSE:OXY) petrochemical business OxyChem for $9.7 billion in cash, helping the oil and gas major to pay down debt to 15 billion in the wake of its $10.8 billion acquisition of CrownRock.
