&w=3840&q=100)
Opec+ countries to boost oil production by 547,000 barrels per day
The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September.
The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026.
The announcement means the voluntary production cuts will end ahead of schedule. The move follows an Opec+ decision in July to boost production by 548,000 barrels per day in August. Opec said the production adjustments may be paused or reversed as market conditions evolve.
When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners.
President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via secondary tariffs on buyers, Clearview Energy Partners said in an analyst note Sunday.
The eight countries will meet again on September 7, Opec said in a news release.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
4 minutes ago
- Economic Times
These two countries are first on Trump's hit-list for $15,000 visa bonds
Malawi and Zambia will be the first two countries whose citizens must pay up to $15,000 as a visa bond to enter the United States on business or tourist visas. The measure takes effect from August 20 as part of a one-year pilot aimed at cutting down visa overstays. Also Read: Going to America could now burn a Rs 13 lakh hole in your pocket. Don't forget to add another Rs 22,000 for 'integrity' The move is part of the Trump administration's immigration policy push, which includes stricter enforcement and financial deterrents. Travellers who follow all visa rules will get the bond refunded. If they overstay, the bond will be forfeited. "This targeted, common sense measure reinforces the administration's commitment to US immigration law while deterring visa overstays," said State Department spokeswoman Tammy Bruce on policy was announced a day earlier without naming the affected countries. Officials later confirmed Malawi and Zambia, both landlocked African nations with limited US-bound travel, as the first on the list. Also Read: US could require up to $15,000 bonds for some tourist visas under new pilot program The administration said visa overstays pose 'a clear national security threat,' and the bond requirement is 'a key pillar of the Trump Administration's foreign policy' to counter that risk. This pilot programme adds to a growing list of US visa restrictions in recent months, many of which have focused on African countries.
Economic Times
4 minutes ago
- Economic Times
Not Trump, Brazilian President Lula da Silva says he will call PM Modi instead for trade talks
Synopsis Brazil's President Lula da Silva rejects direct talks with U.S. President Trump after a 50% tariff was imposed on Brazilian goods. Lula plans to engage with leaders like Xi Jinping and Modi, seeking recourse through the WTO. Despite tensions, Trump is invited to COP30, while Brazil remains open to tariff discussions through formal channels. PTI PM Narendra Modi with Brazil's Prez Luiz Inacio Lula da Silva, after receiving "The Grand Collar of the National Order of the Southern Cross'. South America's largest economy, Brazil, has been hit with a 50% tariff by the United States, prompting President Luiz Inácio Lula da Silva to declare he will not engage directly with his U.S. counterpart, Donald Trump. Instead, Lula announced that Brazil will seek recourse through the World Trade Organization (WTO) and other available channels to defend its trade interests. Lula prioritizes outreach to other leaders Rejecting Trump's offer to speak 'anytime,' Lula said the U.S. president 'does not want to talk.' He added, 'I will call Xi Jinping, I will call Prime Minister Modi, I won't call Putin, because he can't travel now, but I will call many Presidents.'Despite the diplomatic friction, Lula confirmed that Trump will still be invited to COP30, the United Nations climate conference scheduled for November in Belém, Pará. Tariff decision deepens bilateral strain Tensions between Washington and Rio de Janeiro have escalated since the U.S. imposed the additional 40% tariff, in addition to the existing 10%, on a range of Brazilian goods. The measure, according to Trump, aims to counter what he described as a 'witch hunt' against former Brazilian President Jair Bolsonaro, who faces charges of plotting a coup after his 2022 election loss. Exempted goods include civil aircraft and parts, aluminum, tin, wood pulp, energy products, and described the tariff action as 'the most regrettable' moment in the bilateral relationship. Speaking at an event in Brasília, he said Brazil was already pursuing efforts to boost foreign trade with partners including BRICS remains open to negotiationsWhile ruling out direct contact with Trump, Lula said Brazil remained open to tariff discussions through formal channels. 'In 2025, we will resort to all possible measures, starting with the WTO, to defend our interests,' he the White House, Trump told reporters that Lula was welcome to contact him at any time and noted his affection for the Brazilian people, though he said 'the people running Brazil did the wrong thing.' Brazilian Finance Minister Fernando Haddad later described Trump's remarks as 'great,' and said he believed Lula would be open to receiving a call from the U.S. president. According to the Office of the U.S. Trade Representative, U.S. goods and services trade with Brazil totaled an estimated $127.6 billion in 2024, with a goods trade surplus of $6.8 billion, and a services trade surplus of $23.1 billion.
Indian Express
4 minutes ago
- Indian Express
South Park fires back after Donald Trump's Homeland Security hijacks ICE Barbie episode tease: ‘So we are relevant?'
The U.S. Department of Homeland Security just had an awkward encounter with South Park. DHS recently posted a still from an upcoming South Park episode on X (formerly Twitter). The image showed an ICE raid from the August 6 episode, which includes immigration crackdowns and a gag involving US President Donald Trump and Satan. The government institution was likely trying to use the image as a promo, linking it to a recruitment site for U.S. Immigration and Customs Enforcement, but the move instantly backfired. Also read: South Park opens new season with Donald Trump in bed with Satan, takes dig at Paramount for cancelling The Late Show DHS's post included a link to with a 'CHOOSE YOUR MISSION' message and a very retro-looking Uncle Sam image. Once you open the link, you're hit with 'AMERICA NEEDS YOU.' The message reads, 'America has been invaded by criminals and predators. We need YOU to get them out. You do not need an undergraduate degree.' According to the recruitment site, whoever enrols in the program gets benefits including a $50,000 signing bonus, $60,000 student loan repayment, and 25% premium pay, among others. Pushing everyone to choose their mission, the site flashes photos of officers making arrests, deporting people, and working as criminal investigators. Minutes after the post went live, South Park fired back: 'Wait, so we ARE relevant? #eatabagofdi***' The response from Trey Parker and Matt Stone's wildly popular Comedy Central series was a direct response to the White House's recent jab that South Park hasn't been relevant in 'over 20 years.' Wait, so we ARE relevant?#eatabagofdicks — South Park (@SouthPark) August 5, 2025 Also read: White House slams 'South Park' for showing Trump with Satan; series co-creator gives briefest apology South Park aired its 27th season in late July with an episode that roasted Trump. Titled Sermon on the 'Mount', it showed an animated version of the POTUS aimlessly wandering through the desert, naked, with an NSFW twist and a dinner scene with Satan. The satire wasn't subtle, and the Republicans didn't let this slide. Moments later, the White House's assistant press secretary, Taylor Rogers, released a statement saying, 'This show hasn't been relevant for over 20 years and is hanging on by a thread with uninspired ideas in a desperate attempt for attention. President Trump has delivered on more promises in just six months than any other president in our country's history, and no fourth-rate show can derail President Trump's hot streak.' According to Deadline, South Park's attack on the MAGAs isn't stopping anytime soon. An upcoming episode reportedly parodies DHS Secretary Kristi Noem, known in political circles as 'ICE Barbie.' Noem has been one of the loudest voices behind Trump's immigration crackdowns, and the show's going right for it. All this chaos comes as South Park enjoys one of its biggest comeback seasons in decades. The Season 27 premiere pulled in nearly 6 million cross-platform viewers, the show's highest audience share since 1999. It also sparked more social media debate than any episode in South Park's history.
