Published by Global Banking & Finance Review®
Posted on May 26, 2025
3 min readLast updated: January 23, 2026
Add as preferred source on GoogleOil prices hold steady as OPEC+ reschedules its meeting to discuss output strategy. Market remains cautious amid geopolitical tensions and trade policy shifts.
By Amanda Stephenson
CALGARY (Reuters) -Oil prices held steady on Monday with news that eight OPEC+ countries, who had pledged extra voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned.
Brent crude futures settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude last traded at $61.53 a barrel, unchanged from the prior day's session.
Trading volumes were light due to the U.S. Memorial Day holiday.
Three OPEC+ sources told Reuters on Monday about the change of meeting date. The meeting will likely decide on July output, which sources have previously told Reuters will entail another 411,000 barrels per day of production increase.
The meeting is separate from the online ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, set for May 28. Russian Prime Minister Alexander Novak said on Monday that OPEC+ has not yet discussed hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported.
"At this stage, it feels like the market is exhausted with this," said Rory Johnston, a Toronto-based analyst and founder of the Commodity Context newsletter, adding investors and traders are still anticipating the arrival of additional OPEC barrels but are disinclined to react significantly until something material emerges.
OPEC oil output edged lower in April despite a scheduled output hike taking effect, Johnston pointed out, which added to the overall market hesitancy.
"It feels like (OPEC) really wants to have headlines every couple of days," Johnston said. "But the market reaction to them at this point is waiting for anything (tangible) to actually show up."
Both Brent and WTI had traded higher earlier in Monday's session after U.S. President Donald Trump said he agreed to extend a deadline for trade talks with the European Union until July 9, marking another temporary trade policy reprieve.
The extension eased concerns that U.S. tariffs on the EU could hit fuel demand.
Global markets climbed on Monday and the euro rallied.
"Trump's pivot, by postponing higher tariffs for the EU, and his comments on possible sanctions on Russia are moderately supporting crude prices today," UBS analyst Giovanni Staunovo said.
Trump separately said in a social media post that Russian President Vladimir Putin had "gone absolutely CRAZY" by unleashing the largest aerial attack of the war on Ukraine and that he was weighing new sanctions on Moscow.
(Reporting by Amanda Stephenson in Calgary; Additional reporting by Ahmad Gaddar in London; Sam Li in Beijing and Florence Tan in Singapore; Editing by Barbara Lewis, Bill Berkrot and Cynthia Osterman)
The OPEC+ meeting on May 31 will likely decide on July output, which could entail another 411,000 barrels per day cut, impacting global oil prices.
Brent crude futures settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude remained unchanged at $61.53 a barrel.
Market sentiment is influenced by light trading volumes due to the U.S. Memorial Day holiday and the anticipation of OPEC+ decisions regarding output cuts.
U.S. President Trump's extension of the trade talks deadline with the EU until July 9 has eased concerns about tariffs potentially impacting fuel demand.
Analysts suggest that the market is currently exhausted and waiting for tangible outcomes from OPEC, as recent headlines have not significantly moved prices.
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