OPEC+ Oil Gambit Is Looking a Little Less Costly, for Now

BofA’s Blanch Sees Oil Lower in 2H as Inventories Build

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By Grant Smith

July 29, 2025 at 9:07 AM EDT

The financial sting of OPEC+’s shock move to open the oil taps appears to be fading — for the time being.

When Saudi Arabia and its partners agreed four months ago to rapidly revive crude production, the fallout seemed catastrophic: prices crashed to a four-year low, leaving producers with widening budget deficits as state revenues dwindled.