BREAKING: Oil decreased to daily lows as OPEC+ may consider massive output hikes

WTI crude oil is down nearly 2% following reports that OPEC+ plans to increase production by 500,000 barrels per day for each of the next three months. While prices had already been under pressure, earlier losses were largely pared back during the day; the latest reports, however, pushed the price back toward $62 per barrel. This planned ramp-up, when combined with the October increase, would fully unwind the cartel’s COVID-era production cuts by early 2026. Critically, the market must distinguish between raising the official production limit and the actual increase in output. Nevertheless, the consensus remains that the market should face a significant supply overhang, provided there are no major disruptions to Russian production and exports.

2 July 2026, 8:45 AM

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