The Jul’25 Brent futures contract fell all afternoon to $63.53/bbl at 16:39 BST. Prices have slightly recovered to $64.01/bbl at 17:45 BST (time of writing). In the news, OPEC+ is expected to announce another oil output increase for July when eight core members meet on Saturday, three group delegates told Reuters. The hike, likely to match the 411kb/d increases seen in May and June, is part of a phased unwinding of voluntary cuts as demand climbs. No policy change is anticipated at the broader group’s meeting next Wednesday. SEB analysts suggest the move is already priced into the market. In other news, a wildfire in northern Alberta has led to the evacuation of the town of Swan Hills and the temporary shutdown of local oil and gas operations. Aspenleaf Energy shut in 4kb/d of production and evacuated field staff as a precaution. The fire marks Alberta’s first significant blaze this spring, echoing past years when wildfires disrupted hundreds of thousands of barrels per day in oil production. Saudi Aramco is set to price a three-part US dollar bond next Tuesday, aiming to raise at least $500 million, according to IFR. The move is part of a broader effort to boost funding as oil prices fall and Saudi Arabia’s budget deficit widens. Finally, the front-month Jul/Aug spread is at $0.53/bbl and the 6-month Jul/Jan’26 spread is at $1.40/bbl.
