OPEC+ pushes oil prices down - Organization increases production for August, weak demand
OPEC+ decided to increase oil production for August more than expected, causing market prices to fall. Meanwhile, trade uncertainties over US tariffs have dampened demand.
Oil prices fell on Monday after OPEC+ surprised markets by agreeing to a surprise production increase for August. Uncertainty about U.S. tariffs and their impact on global economic growth also dampened demand expectations.
Brent crude futures fell 47 cents (0.69%) to $67.83 a barrel, while West Texas Intermediate (WTI) fell $0.95 (1.42%), to $66.05 a barrel.
The Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, agreed to increase output by 548,000 barrels per day for August. Analysts said the increase signals a more aggressive race for market share and greater tolerance for falling prices and incomes.
The planned increase in August follows monthly production increases of 411,000 barrels per day in May, June and July, and 138,000 barrels per day in April. However, the actual increase in output so far has been lower than planned, and most of the new supply has come from Saudi Arabia. The country raised the price of its “Arab Light” crude oil for Asia to a four-month high.
Meanwhile, oil prices fell partly after US officials warned of a delay in imposing tariffs, without giving details on future changes. President Donald Trump said the United States is close to finalizing several trade deals and will notify other countries of the new tariffs on July 9.
In April, Trump announced a base tariff rate of 10% on most countries and "reciprocal" tariffs of up to 50%, but added that the taxes could go as high as "60% or 70%" in some cases, creating further uncertainty.
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