On June 1, 2025, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced that they would maintain their current pace of oil production increases, adding 411,000 barrels per day (bpd) in July. This decision marks the third consecutive month of such increases, following similar hikes in May and June. The move aligns with market expectations and has provided some reassurance to investors concerned about potential larger output boosts.
Brent crude futures rose by $1.06, or 1.69%, to $63.84 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $1.16, or 1.91%, to $61.95 per barrel. Analysts noted that the decision to stick with the planned increase helped stabilize prices, which had been under pressure due to concerns about oversupply and weakening demand.
The consistent monthly increases are part of OPEC+’s strategy to gradually unwind the voluntary production cuts of 2.2 million bpd that were implemented in early 2024 to support prices during the pandemic-induced demand slump. The group aims to restore market share and discipline members who have exceeded their quotas, such as Iraq and Kazakhstan.
Despite the production hikes, oil prices remain relatively low compared to previous years. Brent crude is trading around $64 per barrel, and WTI is near $62 per barrel. These levels are significantly below the peaks seen in 2022 and 2023, reflecting ongoing concerns about global economic growth and energy demand.
Analysts expect OPEC+ to implement a final increase of 411,000 bpd in August, completing the phased restoration of output cuts. After that, the group may hold production steady, depending on market conditions and compliance among member countries. The next OPEC+ meeting is scheduled for July 6, where further decisions on production levels will be made.
