In a bold move that underscores a major strategic shift, OPEC+ agreed to ramp up oil production for a third consecutive month, defying objections from several member nations, including Russia. The decision reflects a growing determination by the alliance,

OPEC+ agreed to surge oil output for the third month in a row despite reservations from key member Russia, doubling down on a historic policy shift that has sent crude prices sinking.

A decision by major oil producers this weekend could pull prices for crude down to their lowest levels since 2021, with demand tough to gauge against a trade-war backdrop and some countries failing to comply with output quotas.

Crude oil futures ended lower as the market awaits the outcome of Saturday's OPEC+ meeting, where the group is widely expected to raise its production target by another 411K barrels in July.

An OPEC+ supply increase of 411,000 barrels a day in July is the main scenario for talks on Saturday, delegates said.

OPEC+ hikes oil output supply for third straight month by 4,11,000 bpd: Brent crude outlook weakens to $67 in 2025

Again Capital's John Kilduff discusses the potential downside risks for oil prices, including OPEC+ increasing output again, fresh sanctions on Russian crude, and a potential Iran nuclear deal leading to more Iranian oil hitting the market.

Saudi Arabia and its partners have discussed another large output hike, even as prices slide and demand wavers.