OPEC+ Adds 411,000 BPD as Oil Prices Tumble to $56.74

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OPEC+ has approved a second consecutive monthly output increase of 411,000 barrels per day for June, shaking global oil markets.

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This brings total production hikes to 960,000 bpd across April-June, unwinding 44% of cuts implemented since 2022.

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Markets reacted strongly with WTI crude falling 2.7% to $56.74 and Brent dropping to $59.84 - the sharpest April decline since 2021.

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Saudi Arabia appears to be pushing for faster unwinding of cuts partly to challenge low-compliance members and U.S. shale producers.

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At current rates, analysts suggest the full unwinding of production cuts could happen by October.

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What's driving demand concerns? U.S. tariffs on Chinese goods and recession fears in major economies are dampening growth forecasts.

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The IEA has cut its 2025 oil demand growth forecast to 730,000 bpd - down from the previous 1.03 million bpd estimate.

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Major banks are slashing price outlooks: Barclays now sees Brent at $66/bbl for 2025, while Goldman Sachs expects U.S. crude at just $56/bbl.

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Rising production costs in key regions like the Permian Basin ($62/bbl breakeven) could naturally limit U.S. output at current price levels.

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The oil market now faces a crucial test: will OPEC+'s strategy stabilize or further destabilize global markets amid challenging economic conditions?

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