US EditionOil Prices Decline on Opec+'s September Output Hike Decision
GLOBAL OIL MARKETS, AUG 4 – OPEC+ increased oil production by 547,000 barrels per day in September to regain market share, reversing prior cuts of about 2.5 million barrels per day, analysts said.
- On Monday, July 28, 2025, Brent crude futures fell $1.55, or 2.2%, to $68.12 a barrel after OPEC+ agreed to increase output in September.
- OPEC+ alliance agreed to raise oil production by 547,000 barrels per day for September, citing a stable global economic outlook.
- Price charts indicated U.S. West Texas Intermediate crude declined by $1.72, or nearly 2.6%, to $65.61 a barrel.
- Market watchers now monitor potential discussions to unwind 1.65 million bpd of cuts, adding downside pressure, PVM's Tamas Varga said, and Giovanni Staunovo highlighted the upcoming US Russia decision.
- Future sessions may consider unwinding 1.65 million bpd of cuts at September 7, 2025, potentially affecting OPEC+ global market share.
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Oil Prices Dip As OPEC+ Output Rises And Demand Worries Weigh » News.ng
Global crude oil prices dropped by over 1% on Tuesday, driven by concerns over increasing supply from the OPEC+ alliance and potential softening in global energy demand. This decline overshadowed U.S. President Donald Trump’s recent warnings to India regarding its continued purchase of Russian oil. The OPEC+ group, which includes the Organisation of the Petroleum Exporting Countries and its partners, reached a deal on Sunday to increase crude ou…
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