OPEC+ Production Surge Sends Oil Down 1.2% Despite Russia Sanctions Threat

Oil prices fell over 1% Monday after OPEC+ confirmed it will increase production by 547,000 barrels per day in September, continuing its strategy to regain market share.

Brent crude dropped to $68.82 and WTI to $66.51 per barrel. The move reverses OPEC+’s previous cuts of 2.5 million barrels per day.

Meanwhile, markets remain nervous about President Trump’s threat of 100% secondary tariffs on Russian oil buyers, which could impact 1.7 million barrels per day of supply, though India has indicated it will continue purchasing Russian crude despite the warnings.