Crude prices appear to be consolidating around the $65 per barrel level as markets await the upcoming OPEC+ meeting, Ole R. Hvalbye, a commodities analyst at Skandinaviska Enskilda Banken AB (SEB), said in an oil report sent to Rigzone by the SEB team on Tuesday. “We expect the group to finalize its July output plans, driven by the eight key producers known as the ‘Voluntary Eight’, on May 31st, one day ahead of the original schedule,” Hvalbye stated in the report. “We assign a high probability to another sizeable output increase of 411,000 barrels per day. However, this potential hike seems largely priced in already,” he added. “While a minor price dip may occur on opening next week (Monday morning), we expect market reactions to remain relatively muted,” he continued. A release posted on OPEC’s website on May 3 announced that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman “will implement a production adjustment of 411,000 barrels per day in June 2025 from [the] May 2025 required production level”. “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on 3 May 2025, to review global market conditions and outlook,” that release noted. “In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level,” it added. The release highlighted that “this is equivalent to three monthly increments” and pointed out that “the gradual increases may be paused or reversed subject