Oil futures have fallen to a four-month low, and calendar spreads have slumped after OPEC+ ministers signaled their intention to increase production starting in the fourth quarter of 2024. This follows a meeting in Riyadh where OPEC+ announced that voluntary output cuts of 2.2 million barrels per day will be extended until the end of September 2024. The scheduled production increases reflect a strategic shift by OPEC+ to stabilize or regain market share lost over the past two years to rival producers in the United States, Canada, Brazil, and Guyana.