Overview

• OPEC+ approved adding 411,000 barrels per day in July for the third month running following identical boosts in May and June.
• Saudi Arabia and Russia spearheaded the decision to discipline members exceeding quotas and to regain share lost to rivals.
• Kazakhstan’s publicly declared refusal to cut production despite chronic overages has intensified calls for an even larger supply hike.
• The expanded supply pushed Brent crude below $60 a barrel for the first time in four years as demand softens and U.S. tariffs stoke growth concerns.
• Delegates including Russia initially urged pausing further increases and sources report that talks are ongoing about boosting the July hike beyond 411,000 bpd.