Big moves, though not big enough to sink oil prices. You might, therefore, think that OPEC + is in total control. After all, the cartel, which supplies half the world’s oil, exists to keep prices high. In reality, however, it faces a crisis that could mark the beginning of its end.

The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers.

The industry is bracing for the OPEC Plus oil cartel’s meeting on Saturday, which is widely expected to further increase oil production despite weak demand.

The Odessa American is the leading source of local news, information, entertainment and sports for the Permian Basin.

Hedge funds loaded up on the most bearish bets against Brent crude since October as the market braced for a fresh injection of OPEC+ supply.

Oil prices have plummeted to pandemic-era lows due to factors like Trump's tariffs, increased OPEC+ output, and calls to boost drilling. This benefits consumers through lower inflation and increased disposable income,

High inventories, OPEC output hikes and an uncertain global macroeconomic climate all seem to point to likely lower crude oil prices over the near-term.

OPEC+ agreed to hike July oil output by 411,000 barrels per day (bpd) on Saturday, the same as in May and June, after the group of oil-producing countries looks to grab back market share and punish over-producing members.