The global crude oil prices plunged further on Sunday following OPEC+’s decision to raise production for a second consecutive month.

U.S. crude dropped $2.49, or 4.27%, to $55.80 a barrel shortly after markets opened, while global benchmark Brent slid $2.39, or 3.9%, to $58.90 per barrel. Overall, oil prices have declined by more than 20% since the start of the year.

Eight OPEC+ producers, led by Saudi Arabia, agreed on Saturday to boost output by an additional 411,000 barrels per day in June.

This follows last month’s unexpected decision to raise production by the same volume in May.

The June production increase is nearly three times the 140,000 barrels per day Goldman Sachs had projected. In total, OPEC+ is adding over 800,000 bpd of new supply across May and June.

Oil prices suffered their steepest monthly decline since 2021 in April, as concerns over a potential recession—fueled by President Trump’s tariffs—raise fears of weakening demand just as OPEC+ ramps up production.

Oilfield service companies like Baker Hughes and SLB anticipate a decline in exploration and production investment this year, driven by the ongoing slump in oil prices.

“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.

Oil giants Chevron and Exxon posted lower first-quarter earnings last week compared to the same period in 2024, as falling oil prices weighed on profits.

Goldman Sachs projects that U.S. crude will average $59 per barrel this year, while Brent is expected to average $63.