[Young journalist Hansae Jung] Oil prices in New York showed a downward trend amid concerns that OPEC+, an alliance of major oil-producing countries, might increase further in production.

On the 27th (EST), West Texas Intermediate (WTI) crude oil for July delivery finalized its deal at $60.89 per barrel on the New York Mercantile Exchange, down $0.64 (1.04%) from the previous trading day, the 23rd. On the previous day, the Exchange was closed for Memorial Day of the United States.

The price of Brent crude oil for July delivery, a global benchmark, finalized at $64.09, down $0.65 (1.00%). It has fallen for two consecutive days, following the slight decline from the previous day.

Although US President Donald Trump decided to delay the high tariff decision on the European Union (EU), concerns over increased supply had a stronger effect. WTI once suffered a sudden drop of approximately 2%, falling to the low $60s. 

Eight OPEC+ member nations, which previously participated in voluntary additional cuts in the past, are planning to have a video conference on the 31st, a day earlier than the original schedule. It is mentioned that a daily production increase of 411,000 barrels will be confirmed at this date. 

“OPEC's prospect of increased supply is pressuring oil prices,” said Daniel Hynes, senior commodities strategist at ANZ Bank.

OPEC+ initially decided to gradually increase the daily production by 138,000 barrels from April, but has accelerated its rate of production increase to 411,000 barrels starting this month. If the same decision is made for July, a production rate that is three times the original plan will be ongoing for three consecutive months.

On the 28th, a ministerial video conference will be held with every OPEC+ member nations. It is projected that a review of the production quota per each member nation will be done.

▶원문 기사: 뉴욕유가, OPEC+ 증산 우려에 하락…WTI, 배럴당 60달러 초반대로 밀려(이코노미스트 2025.5.28)

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