Oil falls as higher OPEC+ output expectations weigh on sentiment | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
Oil falls as higher OPEC+ output expectations weigh on sentiment

Global Economy

Reuters
27 May, 2025, 12:10 pm
Last modified: 27 May, 2025, 12:15 pm

Related News

  • Oil tumbles as OPEC+ hikes August output more than expected
  • Stocks slip in Asia on US tariff confusion, oil skids
  • OPEC+ may further accelerate oil output hikes on Saturday: sources
  • Oil prices little changed as expectations for OPEC+ increase weigh
  • Oil falls on prospect of more OPEC+ supply, easing risks in Mideast

Oil falls as higher OPEC+ output expectations weigh on sentiment

OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day

Reuters
27 May, 2025, 12:10 pm
Last modified: 27 May, 2025, 12:15 pm
A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Photo: REUTERS/Dado Ruvic/Illustration/File Photo
A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Photo: REUTERS/Dado Ruvic/Illustration/File Photo

Oil prices slipped for a second session on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.

Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while US West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the US Memorial Day holiday.

"Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes, senior commodity strategist at ANZ, said in a note.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.

Russian Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalise output quotas in an online ministerial meeting on May 28.

Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday.

OPEC+ members had already agreed to accelerate oil output increases for a second month in June.

However, US President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand, placing a lid on losses.

Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Company (NIOC) said. The price it set for May was a premium of $1.65.

Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the US over its nuclear programme fail to secure a deal.

If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.

Top News / World+Biz

Brent crude / OPEC+

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • The meeting is being held at the chief adviser’s official residence Jamuna. Photo: CA Press Wing
    Signs of conspiracies by defeated forces becoming visible: CA Yunus
  • BNP Secretary General Mirza Fakhrul Islam Alamgir. File Photo: Collected
    CA will soon make formal announcement on election to eliminate all ambiguity: Fakhrul
  • Zubaidur Rahman. Photo; Courtesy
    Zubaidur Rahman appointed chairman of Islami Bank

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Why Bangladesh's capital market is poised for a bull run
    Why Bangladesh's capital market is poised for a bull run
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Exim Bank's former chairman Nazrul Islam Majumder being taken to court on 22 July 2025. Photo: Collected
    Will repay all money if granted bail, won’t run away, ex-Exim Bank chair Nazrul tells court

Related News

  • Oil tumbles as OPEC+ hikes August output more than expected
  • Stocks slip in Asia on US tariff confusion, oil skids
  • OPEC+ may further accelerate oil output hikes on Saturday: sources
  • Oil prices little changed as expectations for OPEC+ increase weigh
  • Oil falls on prospect of more OPEC+ supply, easing risks in Mideast

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

1d | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

21h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

3d | Panorama

More Videos from TBS

Why Do Money Exchanges Offer Higher Dollar Rates?

Why Do Money Exchanges Offer Higher Dollar Rates?

19m | TBS Programs
The medical board says that 13 people are in critical condition.

The medical board says that 13 people are in critical condition.

1h | TBS Today
Hasnat Abdullah demands resignation of Health Adviser

Hasnat Abdullah demands resignation of Health Adviser

1h | TBS Today
What is the latest status of Milestone?

What is the latest status of Milestone?

1h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net