09:16 AM EDT, 09/03/2025 (MT Newswires) -- Oil futures fell early Wednesday after a report that OPEC+ is considering another production increase next month, days after restoring 2.2 million barrels per day of supply cuts with a 548,000 bpd hike.

West Texas Intermediate crude for October delivery was last down $1.43 at $64.16 a barrel, while November Brent fell $1.32 to $67.82.

Reuters, citing two sources, reported the group may decide on another October increase at its meeting Sunday. OPEC+, led by Saudi Arabia, is seeking to regain market share from western hemisphere producers, including the United States, where output hit a record 13.44 million bpd last month, according to the Energy Information Administration.

Any additional supply would come as the global economy slows, with US tariff policies weighing on growth and inventories rising, according to major forecasting agencies. At the same time, secondary US tariffs of 50% on India for importing Russian oil and Ukraine's strikes on Russian refineries and pipelines are curbing flows.

"Ukrainian strikes on two Russian refineries have curbed flows, pushing Russia's crude runs to the lowest since May 2022 and adding to an unexpected squeeze despite rising OPEC+ supply," Saxo Bank said.