Oil prices slumped in early Asian trading on Monday (August 4th), after OPEC+ agreed to another large production increase in September.
Brent crude fell 43 cents, or 0.62%, to $69.24 a barrel at 22:18 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.
OPEC+ agreed on Sunday to increase oil production by 547,000 barrels per day for September, the latest in a series of accelerated production increases to regain market share amid growing concerns over potential supply disruptions linked to Russia.
This move marks the full reversal and beginning of OPEC+'s largest production cuts, plus a separate production increase for the United Arab Emirates of about 2.5 million barrels per day, or about 2.4% of global demand.
In a statement after the meeting, OPEC+ cited healthy economies and low stockpiles as the reasons behind its decision. "The actual increase since April is smaller than the headline figure and consists primarily of barrels from Saudi Arabia and the UAE," RBC Capital Markets analyst Helima Croft said in a note.
"The bet that the market can absorb additional barrels appears to have paid off for holders of spare capacity this summer, with prices not significantly different from pre-Tariff Free Day levels." (alg)
Source: Reuters
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