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2d ago

Oil Prices Struggle as OPEC+ Raises Output and India Halts Russian Spot Imports

Slated OPEC+ production increases have kept oil prices in the mid-$60 range despite surprising U.S. stock draws.

A drone view shows a portion of the crude oil tank farm in Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/ File Photo
Crude tankers are shown at the port of Long Beach, California, U.S., March 8, 2022. REUTERS/Mike Blake/File Photo
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Overview

  • OPEC+ endorsed a 547,000 barrels-per-day output increase effective Sept. 1, part of a plan to restore 2.2 million bpd of earlier cuts by 2026.
  • U.S. crude inventories unexpectedly fell by 3 million barrels in the week to Aug. 1, exceeding analyst forecasts and providing limited price support.
  • President Trump signed an executive order on Aug. 6 imposing a 25% tariff on Indian imports over continued Russian oil purchases, set to take effect 21 days after Aug. 7.
  • India’s state refiners—including Indian Oil Corp., Bharat Petroleum and Hindustan Petroleum—plan to skip spot purchases of Urals crude in the upcoming cycle pending government guidance.
  • Ukrainian drone strikes disabled two Rosneft refineries, forcing Russia to reroute about 200,000 bpd to export terminals and pushing Urals crude to a $5 discount to Brent.