Global oil price today May 27 2025 Brent crude hits $64.59
According to webangah News Agency, citing Reuters, expectations of increased crude production by the OPEC+ alliance pushed oil prices lower in Tuesday’s trading session.
North Sea Brent crude dropped 15 cents (0.23%) to $64.59 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 19 cents (0.31%) to $61.34.
Eight OPEC+ members who had previously implemented voluntary production cuts are scheduled to meet on May 31.
The Organization of Petroleum Exporting Countries and its allies will likely finalize july production levels during this meeting, with some sources suggesting the coalition may increase output by 411,000 barrels per day.
OPEC+ recently agreed for the second consecutive month to accelerate its production increase schedule for June.
However,fears of reduced oil demand due to U.S.-EU trade tensions have eased after negotiations were extended until July 9, preventing steeper price declines.
Simultaneously occurring, Iran’s National Oil Company set its official selling price for light crude to Asian buyers at $1.80 above the Oman-Dubai benchmark – up from May’s premium of $1.65.
The Iranian president stated Monday that Iran would continue on its path should nuclear talks with the U.S. fail to produce an agreement.
A collapse in nuclear negotiations would maintain sanctions against Iran, potentially restricting the country’s oil supply and driving global prices higher.
