Oil prices may decrease as OPEC+ prepares to increase output in July

From Investing.com: 2025-05-23 01:43:00

Oil prices face pressure as OPEC+ considers another significant supply increase for July, shifting focus from price defense to market share protection. Price forecasts remain unchanged with an assumed 411k b/d increase. G7 threatens Russia with sanctions, EU mulls lowering Russian oil price cap. US natural gas prices drop after storage increase.

International Grains Council raises global corn output forecasts for 2025/26, but cuts demand estimates. Global ending stocks rise to 284 mt. For wheat and soybeans, production estimates remain steady, but demand estimates are slightly lowered. Global ending stock estimates for 2025/26 vary for each crop.



Read more at Investing.com: Oil Under Pressure as OPEC+ Signals Market Share Pivot for July Output