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Oil prices dropped at the start of Monday’s trading session as OPEC+ announced a larger-than-expected output hike, heightening concerns about a potential oversupply in the global market.
Brent crude futures slipped 67 cents, or 1%, to $67.63 a barrel as of 2308 GMT. U.S. West Texas Intermediate (WTI) crude saw a sharper decline, falling $1.20, or 1.8%, to $65.80 per barrel.
The drop follows OPEC+’s decision over the weekend to increase oil production by 548,000 barrels per day (bpd) in August. This marks a significant rise from previous monthly hikes of 411,000 bpd in May through July and 138,000 bpd in April. The meeting was the group’s first since recent geopolitical tensions—sparked by Israeli and U.S. strikes on Iran—caused oil prices to spike and then retreat.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, cited a stable global economic outlook and robust market fundamentals, such as low inventory levels, as justification for ramping up supply. However, the move has triggered market anxiety over whether the supply increase could outpace demand recovery, especially amid persistent economic uncertainties in major markets.
The decision underscores OPEC+’s balancing act between stabilizing prices and meeting growing global energy demands. While the group aims to support economic momentum by easing output restrictions, investors are wary that the rapid increase in supply could put downward pressure on oil prices in the short term.
As oil traders monitor upcoming demand data and geopolitical developments, market volatility is expected to persist. The next OPEC+ meeting will be closely watched for signs of any shift in production strategy.
