OPEC+ announces major July output hike as oil prices fall to four-year low

OPEC+ nations, including Saudi Arabia and Russia, will significantly increase crude oil production by 411,000 barrels per day in July, exceeding initial plans. This accelerated output increase, part of a shift begun in early 2025, has driven oil prices down to $60 per barrel. Analysts suggest Saudi Arabia's move aligns with US President Trump's call to lower prices.