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CNBC

Saudi Arabia, Russia and five others agree oil output hike, completing rollback of 1.65 million bpd cuts

AI Market Summary
Oil risk premium is unwinding after President Trump called off a planned strike on Iran, alongside an OPEC+ decision to raise quotas (~188k bpd) that completes the rollback of 2023 cuts. WTI and Brent fell over 4% in Asia, easing near-term inflation pressure and supporting broader risk sentiment. Separately, U.S.-Japan coordinated FX intervention to support JPY highlights heightened policy sensitivity to rapid dollar-yen moves.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT-2.99%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
● Neutral
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Seven countries including Saudi Arabia and Russia agreed to increase crude output, completing the full rollback of the 1.65 million barrels-per-day cuts agreed in 2023. WTI and Brent futures both fell more than 4% in early Asia trading. The move marks a shift in OPEC+ supply policy that feeds directly into global spot and futures oil pricing.
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