Morgan Stanley expects OPEC+ to raise output 3 more times

Logo of OPEC

The Organization of the Petroleum Exporting Countries and allied producers (OPEC+) is likely to raise oil production three more times, a move that could help bring down Brent crude prices, investment bank Morgan Stanley said.

Following OPEC+ decision over the past weekend to increase output by 411,000 barrels per day (bpd) in July, the bank noted that this indicates no signs of slowing the pace of production quota hikes.

The US bank anticipates that OPEC+ will implement three additional production increases, each by 411,000 bpd. This outlook contrasts with Goldman Sachs’ recent note released on June 1, which projected a single additional production hike in August.

Currently, Morgan Stanley forecasts Brent crude to average $57.50 per barrel in the second half of this year, and $55 per barrel during the first half of 2026.