OPEC+ approved a 547,000 barrel-a-day increase on Sunday, completing the reversal of its 2023 supply cutback one year early, according to Bloomberg. The group accelerated the move to regain market share. A critical tranche of 1.66 million barrels per day remains offline until at least late 2026, and OPEC+ leaders gave no clear direction on its future. Brent crude fell 0.4% to $69.38 a barrel in early Asian trading Monday following OPEC+’s latest supply increase. The group is now expected to adopt a wait-and-see approach as global supplies rise and demand forecasts weaken. A September 7th meeting will revisit output decisions amid Trump’s tariff-driven demand risks and diplomatic pressure on Russia, OPEC+’s key partner.
