OPEC+ will raise oil production faster than earlier planned in August, with eight key alliance members agreeing to increase output by 548,000 barrels a day, delegates said on Saturday after a virtual meeting. This is higher than the 411,000-barrel hikes announced for May, June and July, which were already triple the initial plan. Traders had anticipated the same increase for August, making the latest move a further acceleration.
OPEC+ oil production increase
Oil prices ease despite Trump warning of possible tariffs on Russian buyers
Crude oil prices eased on Monday and headed for a modest quarterly loss, despite a warning from U.S. President Donald Trump that he may impose secondary tariffs on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.