Oil prices rise over OPEC+ output hike

Oil prices were little changed on Tuesday, May 27, 2025, on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.

Brent crude futures were up 11 cents, or 0.2%, at $64.85 a barrel by 0640 GMT, while U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.1%, to $61.59 a barrel.

The WTI contract did not settle on Monday because of the United States Memorial Day holiday.

“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” a senior commodity strategist at ANZ, Daniel Hynes, said.

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OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output.

The group is likely to finalise output quotas in an online ministerial meeting on May 28.

Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group said on Monday.

OPEC+ members had already agreed to accelerate oil output increases for a second month in June.

However, U.S. President Donald Trump’s decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand.

The Star