The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated

The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast in a monthly report

OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran

Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday as they seek to regain market share

U.S. crude oil production hit a record 13.47 million barrels-per-day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration

The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.75 million barrels per day (bpd) last month, 150,000 bpd more than in April, according to the survey, with Saudi Arabia posting the largest increase

The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers

Oil prices traded slightly lower as investors largely stayed on the sidelines ahead of a highly anticipated OPEC+ meeting that could offer key signals about future supply levels

Russian Deputy Prime Minister Alexander Novak stated that the OPEC+ group has not yet discussed increasing oil production by an additional 411,000 barrels per day ahead of its upcoming meeting

Oil prices extended losses during Asian trading and were headed for weekly declines due to renewed concerns over oversupply following a report that OPEC+ may be considering another production hike