COMMODITY
Crude oil futures end lower amid excess production by Saudi Arabia
Jul-15-2025

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.

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