OPEC Raises Oil Output as Group Begins Bumper Set of Increases

OPEC Raises Oil Output as Group Begins Bumper Set of Increases

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.

OPEC+ increases output again, potentially lowering prices

The NewsWhat once shocked markets is now becoming routine: for the third straight month, OPEC+, led by Saudi Arabia, agreed to raise output, potentially lowering prices. It’s the opposite of what cartels are supposed to do.Goldman Sachs forecasts oil averaging $60 a barrel this year and dipping to $56 in 2026. Eurasia Group puts the range between $45 and $75 a barrel through 2027 — a steep drop from the $88 average between 2022 and 2024. The con…