OPEC+ increases its oil output as Trump threatens tariffs on Russian buyers.

OPEC+ countries agreed to boost oil production by 547,000 barrels per day in September amid worries about possible disruptions to Russian crude supplies. The eight OPEC+ countries’ decision comes as the US intensifies its pressure on India to halt purchases of Russian crude. This move ends OPEC+’s longest-ever cut in oil production and increases output for the UAE. For years, OPEC+ has been reducing oil output to support prices, but in 2025 the group has reversed course to regain market share, partly due to calls from US President Donald Trump to raise output. Trump had previously threatened to impose 100% tariffs on countries buying Russian oil if Moscow did not reach a peace deal with Ukraine. On August 4, Brent crude futures dropped an additional $0.4 to $69.27 a barrel, following news of increased production. US WTI fell $0.37 to $66.96 a barrel. Both grades declined by about $2 on Friday.