OPEC+ agrees to boost oil production by 547,000 barrels per day from September
OPEC+ agrees to boost oil production by 547,000 barrels per day from September
Eight OPEC+ countries meeting on Sunday agreed on a bump in oil production for September by 547,000 barrels per day.
READ MORE : http://www.euronews.com/2025/08/03/opec-agrees-to-boost-oil-production-by-548000-barrels-per-day-from-september
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India has doubled down on its decision to continue purchasing discounted Russian crude oil despite U.S. President Donald Trump's remarks suggesting New Delhi may halt such imports. Indian state-owned refiners reaffirmed that sourcing oil from Russia remains a strategic, price-driven choice essential for the country’s energy security, given its 85% crude import dependence. Officials emphasized that Russian oil is not under international sanctions and purchases comply with the G7/EU price cap mechanism, ensuring global markets remain liquid and prices stable. Sources argue that India's imports prevented oil prices from soaring above the March 2022 peak of $137 a barrel amid OPEC+ cuts. Meanwhile, reports of suspended purchases were dismissed, with officials highlighting the EU’s own high intake of Russian LNG. India insists its decisions are guided by national interest while contributing positively to global energy stability, even as Washington hints at possible penalties.
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Oil prices surged as the U.S. joined Israel in striking Iran's nuclear sites, sending shockwaves across global markets. Tehran warned that U.S. aggression has widened its range of legitimate targets, with threats to close the Strait of Hormuz looming large. China condemned the attacks, calling U.S. credibility “damaged.” Investors fear disruptions to global oil flow, with Brent briefly spiking to $81.40. Analysts say the mere threat of retaliation could keep prices volatile and inflated. Iran, OPEC’s third-largest producer, now holds global energy markets at the edge of uncertainty.
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