Members of the oil producers’ group OPEC+ agreed to raise production as concerns grow over possible disruptions to Russian supply.
The group has been hiking production since April in a bid to cushion the market against geopolitical tensions, and the decision to increase oil output by 547,000 barrels per day would fully reverse a 2023 2.2 million-barrel cutback aimed at shoring up prices.
The move comes after US President Donald Trump threatened to put tariffs on buyers of Russian oil, which could drive up crude prices and severely impact India and China, Moscow’s biggest customers.
Some Indian refiners have already reportedly stopped buying Russian oil, turning to Middle East and West African suppliers instead.
AD