Oil prices came under pressure on Wednesday after Reuters reported that OPEC+ could consider a further increase in production at Sunday's virtual meeting of countries with voluntary production cuts, Commerzbank's commodity analyst Carsten Fritsch notes.

OPEC+ can then be forced to cut supply again next year

"Reuters cited sources familiar with the matter. A further increase in production would come as a surprise. According to a Bloomberg survey, a vast majority of market participants surveyed expected that production would not be increased further for now."

"The remaining production cuts, including the voluntary restrictions of 1.65 million barrels per day that are now being considered for withdrawal, are actually fixed until the end of 2026 according to a joint decision."

"If production is indeed increased further, the already considerable oversupply threatens to become even larger in the autumn and next year. OPEC+ could then be forced to cut supply again next year to prevent oil prices from slipping well below $60."