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Oil prices fall after Opec+ agrees to output hike
The Straits Times
|May 06, 2025
Crude oil prices buckled on concerns of a global glut after Opec+ agreed to another bumper output increase, adding to supply at a time when demand is challenged by the drag from US President Donald Trump's global trade war.
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Global benchmark Brent tumbled by as much as 4.6 per cent towards US$58 a barrel as the week's trading kicked off, while West Texas Intermediate was near US$56.
The decision by Organisation of the Petroleum Exporting Countries and its allies was taken at a meeting on May 3, with the group's leaders seeking to punish overproducing members, including Kazakhstan, in a strategy shift that had already sent crude prices plunging.
The latest hike of more than 400,000 barrels a day from June matched a similar increase announced in April, when the group made the shock decision to bring back triple the planned volume for May.
The alliance - led by Saudi Arabia and Russia - has been reversing prolonged output curbs that were meant to support prices, but which cost Opec+ market share to rival drillers.
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