Oil prices fell just over 1% at the Globex open on Sunday evening US time after OPEC+ announced a larger-than-expected increase in output for August,
- consolidating a strategic shift to regain market share
- The alliance of oil-producing nations said it would boost production by 548,000 barrels per day, a sharp rise from the previously planned 411,000 bpd, catching markets by surprise.
The move underscores OPEC+’s intent to reassert dominance in the global energy market and ramp up competitive pressure on rivals such as US shale producers.
While the additional supply may help ease tight global inventories, it also raises questions about potential oversupply risks amid uncertain demand conditions. OPEC+ is confident on demand though (see link above).
Shrugging off attacks in the Middle east:
- Ship attacked in Red Sea; crew abandons vessel amid fire and flooding
- Israeli military says it will strike Yemeni ports, issues evacuation warning
- Israel confirms it has attacked multiple terrorist targets in Yemen
This article was written by Eamonn Sheridan at www.forexlive.com.
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