OPEC Output Steady as Saudi Curbs Offset UAE Gain, Survey Shows
The Organization of the Petroleum Exporting Countries pumped an average of 28.31 million barrels a day in July, barely changed from the previous month, the survey showed.
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Oil prices decline again amid worries about Opec+ supply hikes
Oil (BZ=F, CL=F) Oil prices moved lower on Tuesday, continuing a downward trajectory for August, as concerns about both supply and demand weigh heavily on traders' minds. Brent crude (BZ=F) dipped 0.6% in early trade to $68.34 per barrel. Over the past five sessions prices have dipped nearly 5.8%. West Texas Intermediate (CL=F) followed a similar trajectory, sliding 0.8% by 8.45am in London. Prices were around $65.80 per barrel and have lost about 4.9% over the past five sessions. Anxiety is high following a decision by the Organization of the Petroleum Exporting Countries and its allies (Opec+) to hike output by 547,000 barrels per day in September. The increases add to oversupply concerns surrounding the US's oil consumption. The production increase marks the full and early reversal of Opec+'s most significant supply cuts, which had been implemented to support prices during the pandemic. It also includes a separate boost for the United Arab Emirates (UAE), raising total output by about 2.5 million bpd, roughly 2.4% of global oil demand. Opec+ justified the move by citing a resilient global economy and low stockpiles. There are worries that the group will increase supply again after September, with discussions about unwinding a further 1.65 million bpd of cuts at the group's next meeting on 7 September ratcheting up tensions. Pound (GBPUSD=X, GBPEUR=X) The pound erased Monday's gains against the dollar in early trade on Tuesday, pulling around 0.2% lower to the $1.326 mark. The currency pair has been volatile over the past week amid a glut of economic data highlighting concerns about the health of the US economy. Notably, the US jobs report on Friday missed expectations for July and revised down earlier numbers. As such, the dollar index ( dipped around 1% over the past five sessions. For the year-to-date the index, which tracks the world's reserve currency against a basket of six other currencies, is nearly 9% lower. "The chunky downward revisions showed an average hiring pace of 35,000, prompting US president Donald Trump to instruct his team to fire the Bureau of Labor Statistics (BLS) chief Erika McEntarffer amid claims of rigged data," said Aaron Hill, chief analyst at FP Markets. "Ironically, the disappointing jobs report saw investors price in the possibility of a September rate cut, which is what Trump has been calling for." Meanwhile, sterling enjoyed modest gains against the euro with fresh data related to services PMIs on deck. The pound was just below the 1.15 euro mark by 9am in London, having advanced about 0.1%. Gold (GC=F) Gold prices searched for direction on Tuesday, hovering around the flatline in the absence of any dramatic economic data or market-shifting world events. Gold (GC=F) futures touched $3,428 per ounce, while the spot price moved slightly lower to the $3,371 per ounce mark. The calm day of trade followed a move by Citi (C) to upgrade its gold price forecast. On Monday it raised its forecast to $3,500 per ounce over the next three months, up from a previous estimate of $3,300. The bank also adjusted its expected trading range to $3,300–$3,600 from $3,100–$3,500, citing a deteriorating near-term US growth and inflation outlook. "US growth and tariff-related inflation concerns are set to remain elevated during [the second half], which, alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs," Citi stated in its report. The bank also noted that gross gold demand has surged by over a third since mid-2022, contributing to the dramatic rise in prices, which are expected to nearly double by the second quarter of while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
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Israel to allow vetted Palestinians to help with aid distribution
Israel will allow a limited number of approved Palestinian traders to facilitate aid via the private sector in a new mechanism to improve aid distribution in the embattled Gaza Strip, the government said on Tuesday. The measure follows a government decision to expand humanitarian aid, according to COGAT, the Israeli agency for the coordination of its activities in the Palestinian Territories. Israel has come under massive international criticism following the publication of numerous videos and images of starving Gazans and reports of dozens of deaths from hunger. The aim is to increase the amount of aid supplies for the population, prevent the Palestinian Islamist Hamas movement from looting the aid and reduce dependence on the United Nations and other international organizations, the agency said. Under the new mechanism, a limited number of Palestinian traders, who were selected and underwent security checks, have been approved, COGAT said. All deliveries to be strictly inspected The approved goods reportedly include staple foods, baby formula, fresh fruit and vegetables, and hygiene products. Payments are to be made exclusively via bank transfer under the supervision of a special monitoring system. All deliveries will be strictly inspected. Details on how the distribution will take place were not provided. According to the United Nations, a large portion of aid deliveries is already being looted amid the chaos following 22 months of war, either by hungry civilians or armed groups. The UN has warned of an impending famine, despite Israel allowing more aid deliveries for over a week. Solve the daily Crossword
Newsweek
8 minutes ago
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Russia's Richest Billionaires Are Getting Wealthier Fast
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Russia's richest individuals added more than $20 billion to their collective fortunes over the last year, with several sanctioned oligarchs—including Russia's wealthiest billionaire, Vladimir Potanin (net worth $30.6 billion)—leading the gains, according to Bloomberg's Billionaire Index. Why It Matters The rapid increase in wealth among Russia's billionaires is significant in the context of ongoing Western sanctions aimed at denting the country's economic power. Sanctions were imposed on dozens of Russian business figures following the 2022 invasion of Ukraine, a move intended to curb President Vladimir Putin's influence and dissuade Moscow's aggression. Photo-illustration by Newsweek/Getty/AP Newsroom However, data indicates these measures have not prevented Russia's ultra-rich from growing even richer, raising questions about the effectiveness of the sanctions regime. This trend is unfolding as the Kremlin touts economic resilience, and some tycoons are regaining assets amid an exodus of Western corporations from Russia. But Russia may face more sanctions soon, after President Donald Trump promised "severe" secondary tariffs on the country if Putin does not agree to a ceasefire in Ukraine. What To Know Russia's richest individuals tracked by the Bloomberg Billionaires Index have seen the following increases to their wealth in the year leading up to August 4: Pavel Durov — $3.27 billion — $3.27 billion Alisher Usmanov — $3.23 billion — $3.23 billion Viktor Vekselberg — $3.12 billion — $3.12 billion Suleiman Kerimov — $2.75 billion — $2.75 billion Vladimir Potanin — $2.74 billion — $2.74 billion Alexey Mordashov — $1.89 billion — $1.89 billion Victor Rashnikov — $1.57 billion — $1.57 billion Leonid Mikhelson — $1.38 billion — $1.38 billion Andrey Guryev — $1.30 billion — $1.30 billion Leonid Fedun — $1.25 billion — $1.25 billion Vagit Alekperov — $939 million — $939 million Roman Abramovich — $939 million — $939 million Gennady Timchenko — $835 million — $835 million Mikhail Prokhorov — $528 million — $528 million German Khan — $507 million — $507 million Alexander Abramov — $292 million — $292 million Andrey Melnichenko — $148 million The latest wealth increases have occurred in spite of international sanctions imposed since 2022. Key Russian billionaires, such as Potanin, Vagit Alekperov, and Alisher Usmanov, have seen new bans or asset freezes but continued to see their fortunes rise, largely because of sustained high global commodity prices and Russia's relative insulation from some foreign investment shifts. The main wealth drivers for Russia's billionaires remain the metal, mining, oil, gas, and chemical sectors. Individuals such as Potanin (Norilsk Nickel), Alekperov (Lukoil), and Leonid Mikhelson (Novatek) derive most of their net worth from these extractive and export-centric industries. Russia has made a total of 847 billion euros in fossil fuel revenue since the war in Ukraine began. Russian President Vladimir Putin is seen at the Kremlin in Moscow on August 4, 2025. Russian President Vladimir Putin is seen at the Kremlin in Moscow on August 4, 2025. AP What People Are Saying Kyle Haynes, an assistant professor at Purdue University's Department of Political Science said of Russia's fossil fuel revenue: "Sanctioned states always try to find workarounds using intermediaries, shell companies, smuggling, etc." President Donald Trump said last week of peace efforts in Ukraine: "We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city, like Kyiv, and kills a lot of people in a nursing home or whatever, you have bodies lying all over the street." He added: "I'm disappointed in President Putin. Very disappointed in him. So, we're going to have to look, and I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer [to] what's going to happen." What Happens Next The sustained growth of Russian billionaires' fortunes is seen as a challenge for Western policymakers seeking to use sanctions to limit Russian economic power. Analysts and observers expect continued scrutiny of both the sources of this wealth and the ability of international sanctions to restrict it.
