US EditionCrude Futures Sink on Saudi Push for OPEC+ Supply Hikes
- West Texas Intermediate oil prices fell sharply on June 5, 2025, in New York amid reports that Saudi Arabia seeks significant OPEC+ supply increases.
- As the effective leader of OPEC, Saudi Arabia plans to increase production by more than 400,000 barrels per day starting in August to boost its market share and capitalize on peak demand during the summer season.
- This push follows OPEC+ decisions to increase production since July and Saudi Arabia's recent leadership in output rises, despite cuts in its Asian oil prices and mixed demand signals.
- Prices for WTI July delivery dropped 56 cents to settle at $62.85 a barrel, with experts noting the market expects further supply growth despite current crude stockpile decreases in the US.
- The anticipated supply boost suggests a potential crude glut this year and indicates that OPEC's strategy of steady output hikes will probably persist, according to senior market analysts.
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Oil futures fall as Saudi Arabia said to seek more big OPEC output hikes (USO:NYSEARCA)
Crude oil futures turned lower in a volatile session, as a Bloomberg report said Saudi Arabia is open to additional significant OPEC+ production hikes after July in a bid for market share.
·United States
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Oil prices fell on Wednesday after reports that the OPEC+ producer cartel could further open its oil taps, creating fears of oversupply in the market.
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Total News Sources16
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
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R 50%
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