Oil prices dropped more than $2 a barrel in early Asian trading on Monday as OPEC+ moved to quicken the pace of its production increases, fuelling concerns over a potential supply glut. Brent crude futures fell 3.33 per cent to $59.25, while US West Texas Intermediate (WTI) dropped 3.60 per cent to $56.19 — both hitting their lowest levels since April 9. The group agreed to raise output by 411,000 barrels per day (bpd) in June, bringing total additions for April to June to 960,000 bpd, or 44 per cent of the 2.2 million bpd in cuts made since 2022. Analysts warned the market could tip into surplus, with Barclays cutting its Brent forecasts to $66 for 2025 and $60 for 2026. OPEC+ sources said the group may fully unwind voluntary cuts by October if compliance does not improve, amid pressure from Saudi Arabia targeting lagging members Iraq and Kazakhstan. Attribution: Reuters Subediting: M. S. Salama
