Oil prices saw a rebound of more than $1 a barrel on Monday after the producer group OPEC+ opted to raise output in July by the same margin as in each of the preceding two months, providing relief to market participants who had anticipated a more substantial increase, APA reports citing Middle East Economy.
Brent crude futures jumped by $1.34, or 2.13 percent, hitting $64.12 a barrel by 03:46 GMT (currently trading above $64.20), following a 0.9 percent decline on Friday. Meanwhile, U.S. West Texas Intermediate crude rose to $62.31 a barrel, gaining $1.52, or 2.5 percent, after a 0.3 percent drop in the previous session (currently above $62.50).
Both contracts had fallen by more than 1 percent during the previous week.
In a move aimed at supporting oil market stability, eight OPEC+ countries announced a gradual increase in production levels starting next July, while affirming their full commitment to previous agreements.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman met via video conference today, May 31, 2025, to review the global oil market situation and future prospects.
The eight countries indicated that the decision was based on strong market fundamentals, low global oil inventories, and the continued positive outlook for the global economy.
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