International crude oil prices fell after OPEC+ announced an increase in production of 547,000 barrels per day, starting in September.
Raluca Ioana Draghici
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OPEC+ has decided to increase oil production by 547,000 barrels per day, reversing the previous cut of 2.2 million bpd. The move sent international oil prices down, with a barrel of 'light sweet crude' quoted at $67.24 and Brent at $69.52. The decision was influenced by fears over Russian supplies and US pressure on India to cut Russian oil imports. The next OPEC+ meeting is scheduled for September 7.
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