Brent fell 75 cents, or 1.1%, to settle at $66.89 a barrel, WTI dropped 81 cents, or 1.2%, to settle at $64.35.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

Brent rose 8 cents, or 0.12%, to $71.81 a barrel, WTI gained 8 cents, or 0.12%, to $69.29 a barrel.

The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.

Global primary energy demand is set to rise from 308 million barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.

Novak cited Nigeria as a promising partner for Russia in Africa, saying, “Our joint work within OPEC+ renders a decisive contribution to ensuring stability and predictability of the global oil market.

Brent were down $2.08, or 2.9%, at $69.40 a barrel, WTI declined $2.03, or 3.0%, to $66.48 per barrel.

In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level.

Brent rose 25 cents, or 0.4%, to $64.34 a barrel, WTI gained 24 cents, or 0.4%, at $61.13 a barrel.

Brent slipped to $64.58 a barrel, WTI dropped 32 cents, or 0.5%, to $61.25.