OPEC+ Oil Revenues Decline as Brent Faces Supply Surge
Brent crude oil prices are hovering near $68.10 in Asian trading as the market gears up for the crucial OPEC+ meeting scheduled for July 6. Key member Saudi Arabia is actively lobbying for the coalition to extend its output increases—potentially adding another 411,000 barrels per day in August and September—to reclaim lost market share. Bloomberg notes that Saudi Aramco has already cut July prices for its flagship Arab Light crude by $0.20 for Asian buyers, signaling a push for regional competitiveness. Eight OPEC+ nations, including Russia, Saudi Arabia, Algeria, Iraq, Kuwait, UAE, Kazakhstan, and Oman, are gradually phasing out voluntary production limits, raising total output by 386,000 barrels per day.
