Crude oil prices rose following OPEC+’s decision not to accelerate production increases and to maintain the daily output rise at 411,000 barrels.
Brent crude oil futures traded today with an approximate 4% increase, rising by $2.34 or 3.73%, reaching $65.12 per barrel.
Similarly, West Texas Intermediate (WTI) futures increased by $2.53 or 4.16%, trading at $63.32 per barrel.
Eight OPEC+ members, led unofficially by Saudi Arabia, agreed on Saturday to increase oil production by 411,000 barrels per day in July. This marks the third consecutive month that the group has kept the production increase rate steady at 411,000 barrels.
Giovanni Staunovo, a commodity analyst at UBS Bank in Switzerland, said on Saturday, “There is concern in the market that the pace of oil production increase might accelerate. Currently, the oil market is still able to absorb the production increases.”
After cutting oil production by 2.2 million barrels per day, OPEC+ decided to raise output and return black gold to the market, agreeing so far to add 1.2 million barrels back to the market.
Goldman Sachs expects OPEC+ to implement its final production increase in August. The reputable American bank forecasts a surplus production of one million barrels this year and 1.5 million barrels next year.
The bank has not changed its oil price forecast for this year, believing that WTI crude will trade at $56 per barrel and Brent at $60. For 2026, it predicts WTI at $52 and Brent North Sea crude at $56 per barrel.
