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Crude oil futures end lower amid excess production by Saudi Arabia

15 Jul 2025 Evaluate

Crude oil futures ended lower on Monday after the International Energy Agency (IEA) reported that Saudi Arabia exceeded its oil output target, surpassing level implied by the OPEC+ agreement. IEA said that Saudi Arabia exceeded its oil output target by 4,30,000 barrels per day in June and reached 9.8 million bpd, against the kingdom's implied OPEC+ target of 9.37 million bpd.

Benchmark crude oil futures for August fell $1.47 or about 2.15% at $66.98 a barrel on the New York Mercantile Exchange. Brent crude for September plunged $1.15 or about 1.63% at $69.21 a barrel on London's Intercontinental Exchange.