Oil Prices Decline Amid OPEC+ Production Oil Prices Slide Following OPEC+ Output Hike Oil prices began the week on the back foot as OPEC+ announced a fresh production in

Oil Prices Slide Following OPEC+ Output Hike

Oil prices began the week on the back foot as OPEC+ announced a fresh production increase for September, fuelling market concerns over a potential supply glut. The decision comes amid rising economic uncertainty in the United States and mounting fears about the impact of sweeping new trade tariffs introduced by President Donald Trump.

In early Monday trading:

• Brent crude futures dropped 0.5% to $69.35 per barrel
• West Texas Intermediate (WTI) crude fell 0.3% to $65.90 per barrel

These declines continue losses seen on Friday, following weaker-than-expected employment figures from the US—the world’s largest oil consumer.

OPEC+ Maintains Steady Output Increases

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, agreed on Sunday to raise output by 547,000 barrels per day (bpd) in September. This follows similar hikes of 548,000 bpd in August and 411,000 bpd in July, marking the sixth consecutive month of production increases.

While the move was widely anticipated by analysts, it reinforces the trend of unwinding the two-year-long supply restrictions initially implemented during the pandemic to stabilise prices.