Oil prices declined by more than 1% on Monday after OPEC+ announced it will raise production by 547,000 barrels per day in September as part of its effort to reclaim market share.
Brent crude fell to $68.82 per barrel, while West Texas Intermediate (WTI) dropped to $66.51 per barrel. The increase in output effectively reverses earlier OPEC+ cuts totaling 2.5 million barrels per day.
At the same time, markets are unsettled by President Trump’s threat of imposing 100% secondary tariffs on buyers of Russian oil. Such measures could affect roughly 1.7 million barrels per day of supply. Despite the warnings, India has signaled it will keep purchasing Russian crude, adding uncertainty to the outlook.