NIGERIA – Oil prices rebounded more than $1 a barrel yesterday after the Organisation of Petroleum Exporting Countries (OPEC) decided to increase output in July by the same amount as it did in each of the prior two months.
Coming as a relief to those who expected a bigger increase, Brent crude futures climbed $1.46, or 2.33 per cent, to $64.24 a barrel after settling 0.9 per cent lower on Friday. US West Texas Intermediate (WTI) crude was at $62.45 a barrel, up $1.66, or 2.73 per cent, following a 0.3 per cent decline in the previous session.
OPEC and its allies decided at the weekend to raise output by 411,000 barrels per day in July, the third month the group known as OPEC+ increased by the same amount, as it looks to wrestle back market share and punish over-producers. The group had been expected to discuss a bigger production hike.
Looking ahead, Goldman Sachs analysts anticipate OPEC+ will implement a final 410,000 bpd production increase in August, a Reuters report said.
By Damilola Adeleke | June 3, 2025
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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