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.
“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.
In early Asian trade on Monday, Brent crude futures fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT, while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday.
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— Reuters
