Global Market Holds Breath: Oil Awaits OPEC+ Command
This morning, world oil prices were seen stable at around USD67 per barrel for Brent and USD65 per barrel for WTI. Price movements tended to be flat as market players await the latest policy direction from OPEC+ and global economic developments.
In terms of supply, OPEC+ is expected to increase production again in August after adding around 411 thousand barrels per day since June. Meanwhile, US oil production is still high at over 13 million barrels per day, although there has been a slight decrease in the number of active rigs.
On the other hand, global demand is predicted to grow moderately, especially because energy consumption from China and India has not fully recovered. This raises concerns that supply could again exceed demand in the second half of 2025.
Geopolitically, the easing of tensions in the Middle East, especially between Iran and Israel, has also reduced risk sentiment in the energy market. However, the weakening US dollar provides support for oil prices to remain stable.
Overall, the oil market is currently moving in a consolidation phase, with a narrow price range. Analysts project oil prices to remain in the range of USD65–68 per barrel in the short term, with the potential for further declines if supplies continue to be abundant.
Source : (mrv@Newsmaker)
