OPEC+ has announced an increase in oil production, which is expected to lead to a surplus later this year. This move will likely pressure prices globally and provide relief for consumers, particularly in the US, who have been calling for lower fuel costs. While the surge may find buyers in the short-term, global oil markets were already on borrowed time due to an impending winter glut.
Note: I made some minor adjustments to the original text to improve clarity and concision while maintaining the essential information.
Source: https://www.bloomberg.com/news/articles/2025-07-06/opec-s-new-supply-shock-nails-on-oil-market-s-return-to-surplus