UCO - Higher OPEC+ Supply And Geopolitics Dominate Oil Market
2025-06-02 11:57:00 ET
Summary
- OPEC+ agreed to another large supply hike over the weekend, increasing it by 411k b/d effective July. The increase is similar to those in May and June.
- Rising tensions between Russia and Ukraine added further support to the market this morning. Actions that successfully target Russian oil flows will change the outlook for the oil market drastically.
- The latest Baker Hughes data shows that the US oil rig count fell by 4 to 461, the fifth consecutive week of declines.
- Trump said he would increase tariffs on steel and aluminium to 50% from 25%, effective June 4.
By Warren Patterson , Ewa Manthey
Energy - OPEC+ supply increase in line with our expectations
OPEC+ agreed to another large supply hike over the weekend, increasing it by 411k b/d effective July. The increase is similar to those in May and June. By the end of July, the group will have brought back more than 60% of the 2.2m b/d worth of planned supply increases....
Higher OPEC+ Supply And Geopolitics Dominate Oil Market