US EditionUS-China Trade Tensions and Fears of a Big OPEC+ Production Hike Weigh on Crude
- OPEC+ plans to raise crude oil production in July, potentially exceeding the previous hikes of 411,000 barrels per day agreed for May and June.
- The possible increase follows Kazakhstan's refusal to cut output, citing limited control over international operators who run most of its oilfields.
- Saudi Arabia supports tolerating short-term lower prices to discipline overproducers like Kazakhstan and to pressure U.S. Shale producers amid broader trade tensions between the U.S. And China.
- Brent crude futures fell 0.41% to $63.89 a barrel and U.S. West Texas Intermediate declined 0.44% to $60.67, pressured by market uncertainty and tariff battles.
- The production increase strategy aims to unwind two years of cuts while managing overproduction, suggesting possible continued volatility in oil prices amid geopolitical and economic risks.
16 Articles
16 Articles
Oil prices fall on possible larger OPEC+ output hike for July – Oil & Gas 360
(Investing) – HOUSTON – Oil prices fell on Friday and headed for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 21 cents, or 0.33%, to $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude fell by 34 cents, or 0.56%, to $60.60 a barrel. The Brent July futures contract is d
Week in Review: OPEC+ Holds Focus as Summer Demand Builds - Mansfield Energy
Oil markets are trading down today, with WTI prompt crude futures ticking down about 56 cents per barrel and Brent crude down just shy of 30 cents per barrel. Markets are bracing for tomorrow’s OPEC+ meeting, where a decision on July production levels is expected. Kazakhstan’s Deputy Energy Minister hinted at a potential hike, though the scale remains uncertain. Meanwhile, Canadian crude prices rose in the Gulf Coast market as wildfires in Alber…
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