Core Insights - Crude oil and gasoline prices have declined for two consecutive days, reaching one-week lows due to concerns over a global supply glut as OPEC+ plans to increase production levels [1][2] - The International Energy Agency (IEA) forecasts a record surplus in the global oil market next year, projecting a surplus of 3.33 million barrels per day (bpd) [3] - Iraq's resumption of oil exports is expected to add 500,000 bpd to global supplies, further pressuring crude prices [4] OPEC+ Production Outlook - OPEC+ is expected to discuss fast-tracking supply hikes in three monthly installments of approximately 500,000 bpd starting in November, aiming to reverse a 1.66 million bpd supply cut [2] - OPEC's crude production rose by 400,000 bpd in August to 28.55 million bpd, the highest level in over two years [2] Global Demand and Supply Dynamics - India's crude imports fell by 2.9% year-on-year in August to 19.6 million metric tons, indicating reduced demand from the world's third-largest crude oil importer [5] - An increase in crude oil stored on stationary tankers rose by 3.7% week-on-week to 81.95 million barrels, signaling bearish trends for oil prices [5]