Overview

• OPEC+ approved a 411,000-barrel-per-day increase for July, marking its third consecutive monthly output rise
• Oil prices climbed more than $1 a barrel in early Asian trading following the announcement
• Goldman Sachs forecasts a further 0.41 mb/d increase in August and anticipates flat production from September onward
• The bank projects Brent crude to average $60 per barrel and WTI $56 per barrel for the remainder of 2025
• Goldman Sachs cites resilient global activity and seasonal demand as key factors underpinning the continued supply hikes