WASHINGTON (dpa-AFX) - Oil prices fell more than 1 percent on Monday after OPEC+ confirmed plans to raise production by 547,000 barrels per day (bpd) in September, as widely expected.
Benchmark Brent crude futures fell 1.3 percent to $68.75 a barrel in European trade, while WTI crude futures were down 1.3 percent at $66.46.
'The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,' the oil cartel, which pumps about half of the world's oil, said after announcing an increase in production for September.
The move was the latest in a series of accelerated output hikes to regain market share amid increased concerns over potential supply disruptions linked to Russia.
The eight countries are scheduled to meet again on Sept. 7, when they may consider reinstating another layer of output cuts totaling around 1.65 million bpd, media reports quoted two OPEC+ sources as saying following Sunday's meeting.
Growing concerns over the impact from U.S. President Trump's tariffs and Friday's dismal U.S. jobs report also added to worries over weakening oil demand.
U.S. Trade Representative Jamieson Greer said on Sunday that the latest round of tariffs are 'pretty much set' and unlikely to change.
Warren Buffett's Berkshire Hathaway said on Saturday that its consumer goods businesses took a hit from U.S. tariffs in the second quarter. Berkshire said tariffs produced delays in orders and shipments.
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