London Daily

Focus on the big picture.
Friday, Aug 15, 2025

Hope of big oil price falls are dashed as OPEC+ agrees token production increase

Hope of big oil price falls are dashed as OPEC+ agrees token production increase

The output hike planned by the OPEC+ group of oil-producing nations fails to meet the volume that had been hoped for by the US government as Western economies are gripped by energy-sector led inflation.

Hope of a meaningful drop in global oil prices have been dashed after a major group of oil-producing nations, including Russia, agreed to increase volumes by a much lower rate than requested.

The United States had called on the OPEC+ cartel to raise output by at least 300,000 barrels per day (bpd) to help ease prices.

They began climbing steadily from pandemic lows as economies got back in gear following COVID restrictions but spiked in the wake of Russia's war in Ukraine, exacerbating fears that supply could fail to meet demand.


But the cartel - which is led by Saudi Arabia - and its allied non-members said on Wednesday that they would collectively raise their oil output target by 100,000 barrels per day.

Brent crude was trading slightly up at just over $100 a barrel on the news while US crude futures slipped slightly to $94 though both were later down by 3%.

While the US had asked the group to boost production, spare capacity is limited and Saudi Arabia may be reluctant to
beef up output at the expense of OPEC+ partner Russia, hit by Western sanctions over the Ukraine conflict.


Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 bpd to 800,000 bpd, according to the Reuters news agency.

Global oil prices have been among the drivers of inflation across Western economies.

While Russia is among the largest producers, it has been the reduction in its natural gas exports to Europe that have made the inflation problem more acute.

State-owned Gazprom has reduced output to just 20% of capacity in the core Nord Stream 1 pipeline, threatening to leave continental Europe with a shortage heading into the key winter season of high demand.

UK wholesale prices have also risen in sympathy because of the wider scramble to secure more stocks.

Newsletter

Related Articles

0:00
0:00
Close
Man Who Threw Sandwich at Federal Agents in Washington Charged with Assault – Identified as Justice Department Employee
A Computer That Listens, Sees, and Acts: What to Expect from Windows 12
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
UK has added India to a list of countries whose nationals, convicted of crimes, will face immediate deportation without the option to appeal from within the UK
Southwest Airlines Apologizes After 'Accidentally Forgetting' Two Blind Passengers at New Orleans Airport and Faces Criticism Over Poor Service for Passengers with Disabilities
Russian Forces Advance on Donetsk Front, Cutting Key Supply Routes Near Pokrovsk
It’s Not the Algorithm: New Study Claims Social Networks Are Fundamentally Broken
Sixty-Year-Old Claims: “My Biological Age Is Twenty-One.” Want the Same? Remember the Name Spermidine
Saudi Arabia accelerates renewables to curb domestic oil use
U.S. Investigation Reports No Russian Interference in Romanian Election First Round
Oasis Reunion Tour Linked to Temporary Rise in UK Inflation
Musk Alleges Apple Favors OpenAI in App Store Rankings
Denmark Revives EU ‘Chat Control’ Proposal for Encrypted Message Scanning
US Teen Pilot Reaches Deal to Leave Chile After Unauthorized Antarctic Landing
Trump considers lawsuit against Powell over Fed renovation costs
Trump Criticizes Goldman Sachs Over Tariff Cost Forecasts
Perplexity makes unsolicited $34.5 billion all-cash offer for Google’s Chrome browser
Kodak warns of liquidity crisis as debt obligations loom
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Taylor Swift announces 12th studio album on Travis Kelce’s podcast after high-profile year together
South Korean court orders arrest of former First Lady Kim Keon Hee on bribery and corruption allegations
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
JD Vance to meet Tory MP Robert Jenrick and Reform’s Nigel Farage on UK visit
Trump and Putin Meeting: Focus on Listening and Communication
Instagram Released a New Feature – and Sent Users Into a Panic
China Accuses: Nvidia Chips Are U.S. Espionage Tools
Mercedes’ CEO Is Killing Germany’s Auto Legacy
Trump Proposes Land Concessions to End Ukraine War
New Road Safety Measures Proposed in the UK: Focus on Eye Tests and Stricter Drink-Driving Limits
Viktor Orbán Criticizes EU's Financial Support for Ukraine Amid Economic Concerns
South Korea's Military Shrinks by 20% Amid Declining Birthrate
US Postal Service Targets Unregulated Vape Distributors in Crackdown
Duluth International Airport Running on Tech Older Than Your Grandmother's Vinyl Player
RFK Jr. Announces HHS Investigation into Big Pharma Incentives to Doctors
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Security flaws in a carmaker’s web portal let one hacker remotely unlock cars from anywhere
Street justice isn’t pretty but how else do you deal with this kind of insanity? Sometimes someone needs to standup and say something
Armenia and Azerbaijan sign U.S.-brokered accord at White House outlining transit link via southern Armenia
Barcelona Resolves Captaincy Issue with Marc-André ter Stegen
US Justice Department Seeks Release of Epstein and Maxwell Grand Jury Exhibits Amid Legal and Victim Challenges
Trump Urges Intel CEO Lip-Bu Tan to Resign Over Alleged Chinese Business Ties
Scotland’s First Minister Meets Trump Amid Visit Highlighting Whisky Tariffs, Gaza Crisis and Heritage Links
Trump Administration Increases Reward for Arrest of Venezuelan President Maduro to Fifty Million Dollars
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
×