OPEC+ Discusses Output Hike, Sending Crude Price Lower

OPEC+ members are discussing a third straight hike in oil production in July, we’re told. The news sent oil prices sliding for a third day to the lowest in a week.

Members are considering an increase of 411,000 barrels a day in July, which would be triple the amount initially planned, although no final agreement has been made. OPEC+ says publicly that supply increases are to meet demand, but officials have privately expressed a range of reasons, including punishing over-producing member states.

But geopolitical tensions in the Middle East are rising, which could put upward pressure on prices. Iran has warned in a letter to the Secretary-General of the United Nations and the Director-General of the UN’s nuclear watchdog that it would take action against Israel and hold the US “legally responsible” if the Jewish state attacks its nuclear facilities. —

The European Commission is set to recommend a fresh delay to the adoption of new trading book rules that govern the trading activities of banks, we’re told. The bloc is likely to delay the Fundamental Review of the Trading Book to January 2027. The EU is waiting for clarity on how the US plans to implement the Basel rules.