According to The Kobeissi Letter, oil prices dropped sharply following reports that OPEC may discuss increasing oil production by more than 411,000 barrels per day starting in July 2025. This move comes as the oil market remains weak, raising concerns about further downward pressure on energy prices. For cryptocurrency traders, the potential for cheaper energy could benefit Bitcoin mining operations and reduce transaction costs for proof-of-work cryptocurrencies. However, persistent weakness in the oil market may signal broader macroeconomic instability, potentially increasing volatility in both traditional and digital assets (Source: The Kobeissi Letter, May 30, 2025).