Summary · why it matters
PTT Public Company Limited reported on the oil market situation for the week of October 5-9, 2026, that the G7 group agreed to release a total of 100 million barrels of crude oil and diesel from strategic petroleum reserves, beginning immediately over a period of four months, to ease tight global oil supply. As a result, average weekly crude prices declined, with Brent crude at 102.09 US dollars per barrel, down 0.63 dollars; West Texas crude at 91.28 dollars, down 1.82 dollars; and Dubai crude at 107.84 dollars, down 5.22 dollars. Meanwhile, 95-octane gasoline stood at 150.64 dollars, up 4.30 dollars, and diesel at 174.30 dollars, down 2.45 dollars. On the supply side, the seven core OPEC+ members, namely Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, decided to keep crude oil production unchanged for November 2026. Currently, the seven countries produce a combined 25 million barrels per day, still about 5 million barrels per day below the level before the war broke out in February. In addition, negotiations between the United States and Iran remain inconclusive, with Iranian Foreign Minister Abbas Araghchi proposing to allow agencies to inspect nuclear facilities that were attacked, in exchange for the easing of US economic sanctions and the port blockade. Meanwhile, the Wall Street Journal reported that the US Department of Defense is sending the aircraft carrier U.S.S. Theodore Roosevelt and an amphibious assault group with about 10,000 troops to join forces in the Middle East, reflecting that the war could escalate. The war between Russia and Ukraine has also intensified, with Russian forces on October 3 heavily attacking Kyiv and other Ukrainian cities using drones and missiles, targeting energy and telecommunications infrastructure and, for the first time, a bridge across the Dnipro River that links the eastern and western parts of Kyiv.
PTT Public Company Limited