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Eight OPEC+ countries, including Saudi Arabia, Russia and Iraq, met virtually on May 3, 2025 and agreed to raise production by 411,000 barrels per day in June, equal to three monthly increments. The group said the increases could be paused or reversed depending on market conditions.
The decision was framed as a return of 2.2 million barrels per day of voluntary cuts starting April 1.
The planned June supply increase adds to the surplus expected in the second half of 2025, which pressures crude prices. Lower crude reduces input costs for fuel and fertilizer but also weakens the value of biofuel feedstocks.
moenergy.gov.saMay 3, 2025After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
