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.

'National Geographic': The Albanian Riviera is perfect for a trip. The journey from Vlora to Ksamil is unlike any other in the "Maldives of Europe"!
The prestigious National Geographic has dedicated an article to Albania, describing it as an ideal destination for road trips. "Why the Albanian Riviera is......

After Brazil Summit, Trump 10% Tariff for BRICS Countries - Alliance of Developing Countries Criticizes Trump's Trade Tariffs
President Donald Trump threatened an additional 10% tariff on any country that complies with the "anti-American" policies of the BRICS group. The alliance of......

Nike, Trump tariffs cost 1 billion USD - Company will reduce production in China to reduce losses
Nike expects tariffs imposed by the Trump administration to increase costs by about $1 billion. The company plans to reduce production in China and Vietnam......

Registrations for first and tenth grades open in e-albania - The procedure is carried out online, the registration deadline will last until August 31
Online registrations for first and tenth grades are open today at e-Albania for student registration for the 2025-2026 school year. According to the......

How has this week started for the major currencies?
The US dollar was bought today at 82.6 lek and sold at 83.6 lek, recovering points from last week according to the local exchange rate. The European......

Bankers, 20-year loss-making activity - Engineer raises the question: If there are losses, why are you asking for a contract extension?
Even petroleum engineer Fatmir Shehu believes that the company Bankers Petroleum has committed tax evasion in our country, due to the fact that despite......

How much should ATM commissions be? - Tafa: Reducing them will significantly reduce citizens' costs
Recently, the Competition Authority undertook an investigation into the services offered by banks at ATMs. The investigation did not find any......

Prime Minister Rama: Free up public spaces! - "Palaces should remove the beams in parking lots and businesses should dismantle the tents"
Apartment developers should not treat public spaces around buildings as their private property and place barriers in parking lots to take money from......