International oil prices continued their downward trend on Thursday, falling for three consecutive days since Tuesday.
As the United States and Iran prepare for their fifth round of nuclear talks in Rome, Italy on Friday, expectations of increased oil supply have put downward pressure on oil prices. This bearish sentiment was further reinforced by news that the Organization of the Petroleum Exporting Countries Plus (OPEC+) is also considering a production increase.
According to foreign media outlets, OPEC+ is currently discussing plans to raise output by 411,000 barrels per day in July. While a final agreement has not been reached, the group is expected to make a decision at their regular meeting scheduled on June 1.
OPEC+ had initially planned to gradually increase production by 138,000 barrels per day starting in April. However, in this month’s meeting, they significantly expanded the scale to 411,000 barrels per day.
Amid forecasts of a potential slowdown in the global economy due to U.S. President Donald Trump’s tariff shock, the increased oil supply caused oil prices to continue their decline.
Brent crude, the international oil benchmark, settled at 64.44 USD per barrel for July delivery, down 0.47 USD (0.72%) from the previous session.
Similarly, West Texas Intermediate (WTI), the U.S. oil benchmark, also saw a decline, with July futures closing at 61.20 USD per barrel, a decrease of 0.37 USD (0.60%).
