OPEC+ Boosts Oil Output, Triggering Market Surplus Concerns
TL;DR Summary
Oil prices declined after OPEC+ announced a larger-than-expected increase in August production to regain market share, while U.S. stock futures fell as tariffs scheduled for August 1 instead of July 9, reflecting ongoing trade tensions and market adjustments.
- Oil prices fall as OPEC+ ramps up production; U.S. stock futures decline as tariffs to go into effect Aug. 1 MarketWatch
- OPEC+ members agree to larger-than-expected oil production hike in August CNBC
- Oil slips 1% after OPEC+ accelerates output hikes Reuters
- OPEC’s New Supply Shock Locks In Oil Market’s Return to Surplus Bloomberg
- Oil Market Heading For Surplus In 2025 On Latest OPEC+ Output Hike Forbes
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