Its prices oil They fell down in today’s (7.7.2025) meeting since the OPEC+ Surprised markets deciding to increase production in August more than expected, while the uncertainty about US duties and their potential impact on global economic growth burdened expectations for demand.
Brent crude oil contracts dropped to $ 67.63 a barrel, down 1%, while US crude West Texas Intermediate (WTI) stood at $ 66.05, down $ 0.95 or $ 1.42%. OPEC+ decided on Saturday (5.7.2025) to increase the bid by 548,000 barrels a day, setting the body on track to reverse the latest production cuts a year earlier than planned.
The increase in August represents a jump from the monthly increases of 411,000 BPD approved by OPEC+ for May, June and July and 138,000 BPD in April.
The decision will reintroduce almost 80% of voluntary cuts of 2.2 million barrels per day by eight OPEC producers, RBC Capital analysts said. However, the actual increase in production is less than the planned so far and most of the supply comes from Saudi Arabia, they added.