Anastasia Gorbacheva 09:23, 08.07.25 UNIAN
OPEC+ will increase production by 548,000 barrels per day in August
Oil prices fell on Tuesday, July 8, after rising nearly 2%. Investors focused on the situation surrounding US tariffs and a higher-than-expected OPEC+ production increase in August.
Reuters reports that Brent crude futures fell 22 cents, or 0.3%, to $69.36 a barrel. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, to $67.66 a barrel.
US President Donald Trump began notifying trading partners, which included major suppliers South Korea and Japan, as well as smaller exporters Serbia, Thailand and Tunisia, that the increased tariffs would take effect on August 1, although he later said that the deadline was not 100%.
The announcement has sparked uncertainty in the market and concerns that the tariffs could have a negative impact on the global economy and therefore on oil demand. However, there are some signs that current demand remains strong, especially in the US, which is supporting prices.
“Oil demand remains high due to seasonal factors. It remains an open question whether forward demand can absorb the larger-than-expected supply from OPEC+,” says Emril Jamil, senior analyst at LSEG Oil Research.
Other signs of rising demand were seen in India, where fuel consumption was 1.9% higher in June than a year ago, according to government data.
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Oil prices fell on July 4 after Iran reaffirmed its commitment to nuclear non-proliferation , and amid expectations that OPEC+ countries would agree to increase oil production.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, later agreed to raise output by 548,000 barrels per day in August, up from a planned 411,000 barrels per day. The decision cancels almost all of the 2.2 million barrels per day voluntary cuts the group had made. The group plans to approve an output increase of about 550,000 barrels per day on Aug. 3, the sources said.
Looks like things are going as planned and the media panic didn’t happen. Putler’s oil is down to 65.5 too.
I believe I read somewhere that oil prices need to drop below $55 a barrel before it affects the Moscovites. We have a way to go.
The Moskali budget maintains the plan of $60 ea and that is where the G7 put the cap too. My point was that we are getting close and the lower price is good news. I guess I should just be quiet unless everything is perfect.
I don’t know why you would say your last sentence. I meant no offense