Quick overview

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Oil prices experienced their largest decline since March 2023, falling roughly 12% over the week. Brent crude futures closed the day up 28 cents, or 0.4 percent, at $67.77, while West Texas Intermediate crude ended the day at $65.52.

Saudi Arabia continues its strategy to regain market share, and OPEC+ is preparing to discuss another significant production increase at its upcoming meeting.

Eight key OPEC+ members have already implemented three consecutive monthly production increases of 411,000 barrels per day. Several delegates, speaking on condition of anonymity, stated that when the group meets on July 6, their nations are open to considering a similar increase for August.

 Saudi Arabia has led OPEC in a faster recovery of output despite low demand and ample supply. This unexpected policy change briefly caused oil prices to drop to a four-year low in April. Russia’s stance has also shifted.

According to a source familiar with Russia’s position, Moscow now appears more willing to support another supply boost if the alliance determines it is necessary, after initially opposing the accelerated July output increase at the previous meeting.