Global oil prices fell amid speculation that OPEC+ may increase crude oil supply. According to a Reuters report published Tuesday (May 27), Brent crude dropped by 0.4% or 24 cents to $64.50 per barrel, while U.S. WTI crude declined by 0.5% or 29 cents to $61.24 per barrel.

Market analysts suggest the downward trend is driven by expectations that the OPEC alliance might raise production. The group is set to finalize its output plan at a meeting scheduled for July. Citing sources, Reuters reported that OPEC+ could increase daily production by up to 411,000 barrels.

ANZ Bank’s senior commodity strategist Daniel Hynes noted that the price dip reflects market reactions to potential supply increases. However, Russian Deputy Prime Minister Alexander Novak clarified that formal discussions on output expansion have yet to begin, although a quota decision could be made during a ministerial meeting on May 28.

Additionally, eight OPEC+ member nations that had voluntarily cut output might convene separately on May 31, a day ahead of schedule. The group had already agreed to increase oil production for the second consecutive month in June.

Meanwhile, U.S. President Donald Trump’s move to extend trade negotiations with the European Union until July 9 helped ease concerns of immediate tariff impacts, which could have dampened global oil demand. This strategic decision may help moderate the decline in oil prices.