Oil prices edged down on Tuesday, July 1, 2025, weighed by expectations of an OPEC+ output hike in August.
Brent crude fell 30 cents, or 0.5%, to $66.44 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude edged lower 33 cents, or 0.5%, to $64.78 a barrel.
“The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases,” ANZ senior commodity strategist Daniel Hynes said in a statement.
Four OPEC+ sources told Reuters last week that the group plans to raise output by 411,000 barrels per day in August, following similar hikes in May, June, and July.
Dangote refinery reduces ex-depot petrol price to N840/litre
If approved, this would bring OPEC+’s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand.
OPEC and its allies including Russia, together known as OPEC+, will meet on July 6.
“These larger supply increases should leave the global oil market well supplied for the remainder of the year,” ING commodities strategists said.
A 12-day war that started with Israel targeting Iran’s nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the U.S. bombed Iran’s nuclear facilities and then slumped to $67 after United States President Donald Trump announced an Iran-Israel ceasefire.
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