Barclays lowered its Brent oil price forecast by $4 per barrel to $66/bbl for 2025 and by $2 to $60/bbl for 2026, citing the decision by OPEC+ to accelerate oil production hikes. "Tariff-related developments have certainly been a drag but the OPEC+ pivot has also been a significant driver of the move lower in oil prices of late,

Barclays anticipates that OPEC+ will phase out additional voluntary adjustments by October 2025. The bank also predicts a slightly slower growth in U.S. oil output. These factors have led to a loosening of their balance estimates by 290 thousand barrels per day (kbd) for 2025 and 110 kbd for 2026.

Stocks are opening lower on Wall Street and crude prices are falling to a four-year low after the OPEC+ group of oil-producing nations said it plans to increase output. The S&P 500 slid 0.7% early Monday.