OPEC+ hikes oil production by 547,000 barrels per day for September
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output.
Dado Ruvic | Reuters
OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
OPEC+ cited a healthy economy and low stocks as reasons behind its decision.
Oil prices have remained elevated even as OPEC+ has raised output. Brent crude closed near $70 a barrel on Friday, up from a 2025 low of near $58 in April, supported in part by rising seasonal demand.
“Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,” said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks.
Read more here.
— Reuters