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5d ago

Oil Prices Slip on Prospects of OPEC+ Output Increase

Easing of tariff concerns from the U.S.-EU trade extension has been offset by forecasts of higher OPEC+ supply alongside rising global inventories.

A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. REUTERS/Benoit Tessier/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
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FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. Picture taken February 13, 2019. REUTERS/Nick Oxford/File Photo

Overview

  • U.S. President Donald Trump extended the deadline for trade talks with the European Union to July 9, temporarily easing fears of tariffs and lifting oil prices.
  • Brent and WTI rose about 0.6% on Monday after the trade extension and a drop in U.S. active rigs to 465, their lowest since November 2021, then reversed as supply forecasts weighed on the market.
  • OPEC+ is expected to formalize a further 411,000 barrels-per-day production increase for July at its May 31 meeting.
  • The International Energy Agency projects global oil inventories will climb by 720,000 bpd in 2025 and 930,000 bpd in 2026, while Kpler data shows floating storage up 14% to over 160 million barrels.
  • Last week’s round of U.S.-Iran nuclear negotiations produced limited progress, delaying the return of additional Iranian crude to global markets.