OPEC+ accelerates oil production increase by 548,000 barrels per day in August

Eight OPEC+ countries agreed to increase their production by 548,000 barrels per day in August. The group is further accelerating its production increase to meet its goal of phasing out voluntary production cuts of 2.2 million barrels per day. The August increase is a sharp jump in pace from the monthly increases of 411,000 barrels per day approved by OPEC+ for May, June and July, and 138,000 barrels per day in April. With the August increase, OPEC+ output will have increased by nearly 1.92 million barrels per day since April, leaving only 280,000 barrels per day to recover, Reuters reported. Brent crude futures fell below $67.5 a barrel on Monday morning before rising again to above $68, while West Texas Intermediate briefly fell below $66.

Trump threatens additional tariffs over BRICS'"anti-American" policies

US President Donald Trump has threatened countries that join the "anti-American policies of the BRICS" with an additional tariff."Any country that joins the anti-American policies of the BRICS will be charged an ADDITIONAL 10 percent tariff. There will be no exceptions to this policy," the US president wrote on his social media account Truth Social, without clarifying which policies of the bloc were in question in the post.