Crude oil prices continued to slide on Friday as OPEC+ signaled it may ramp up production more aggressively in July — potentially exceeding its planned 411,000 barrels per day (bpd) hike — in response to internal tensions, particularly with Kazakhstan.
West Texas Intermediate (WTI) crude dropped 0.92% to $60.38, Brent crude slipped 0.45% to $63.86, and Murban crude dipped 0.17% to $63.43. Natural gas also fell sharply, down 1.96% to $3.453.
Sources told Reuters that OPEC+ may consider a “super-hike” in production this weekend as frustrations mount over Kazakhstan’s refusal to curb output.
The group had already planned to raise production by 411,000 bpd in May and June.Saudi Arabia, OPEC’s top producer, appears ready to absorb lower oil prices in the short term as it seeks to enforce production discipline within the group and put pressure on U.S. shale producers.
“The new OPEC+ strategy… has sunk oil prices in recent months,” Oilprice.com reported, highlighting that the bloc’s shift is partially aimed at countering overproducers like Kazakhstan.Kazakhstan’s Energy Minister Yerlan Akkenzhenov told Bloomberg the country “has no right to impose output reductions” on the international operators who control over 70% of its oilfields.
Deputy Energy Minister Alibek Zhamauov doubled down in remarks to Interfax, saying, “We are not going to cut output and will be producing according to our capacity.”
The base-case scenario remains a 411,000 bpd increase for July. However, OPEC+ insiders say a larger boost is on the table as a warning to defiant members and a strategic move against competitors.
Oil prices, already in a multi-week decline, are facing additional downward pressure as markets brace for a potential flood of new supply in July.









