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3mo ago

Oil Prices Rise After U.S. Court Blocks Trump Tariffs and OPEC+ Plans July Output Increase

The alliance agreed to develop a mechanism for setting 2027 production baselines.

Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. REUTERS/Isaac Urrutia/File Photo
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
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Overview

  • Brent and WTI benchmarks climbed over 1% as a U.S. trade court ruling halted President Trump’s tariffs and eased economic growth concerns.
  • OPEC+ left its overall output quotas unchanged at its latest meeting and tasked its secretariat with devising 2027 production reference levels.
  • An eight-member subset of OPEC+, led by Saudi Arabia and Russia, is poised to approve a 411,000 barrels-per-day output hike for July when they convene on Saturday.
  • U.S. authorities barred Chevron from exporting Venezuelan crude under a revised license, prompting the company to terminate its production and service contracts in Venezuela.
  • Analysts at Rystad Energy expect liquids demand to outpace supply by 0.6–0.7 million barrels per day from May through August, supporting further price gains.