Oil prices fell by more than 1.5% on Wednesday ahead of an upcoming meeting of OPEC+ producers that is expected to consider another increase in production targets in October.<\/p>\n
Brent crude fell to $67.98 a barrel at the time of writing while US West Texas Intermediate crude fell 1.9%, to $64.32.<\/p>\n
It comes as eight members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters.<\/p>\n
The boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.<\/p>\n
The group had already agreed to raise output targets by about 2.2 million barrels per day from April to September, in addition to a 300,000 bpd quota increase for the UAE.<\/p>\n
It also follows the US Treasury Department announcing on Tuesday a round of sanctions on a network involved in selling Iranian crude abroad after blending it with Iraqi crude in order to disguise its real origin.<\/p>\n
\u201cBy targeting Iran\u2019s oil revenue stream, Treasury will further degrade the regime\u2019s ability to carry out attacks against the United States and its allies,\u201d Treasury Secretary Scott Bessent said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices fell by more than 1.5% on Wednesday ahead of an upcoming meeting of OPEC+ producers that…\n","protected":false},"author":2,"featured_media":394368,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,472,393,1880,9329,4884,1144,619,712,136404,16,15,1764],"class_list":{"0":"post-394367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-christine-lagarde","11":"tag-england","12":"tag-ftse-100","13":"tag-government-bonds","14":"tag-great-britain","15":"tag-northern-ireland","16":"tag-rachel-reeves","17":"tag-scotland","18":"tag-swissquote-bank","19":"tag-uk","20":"tag-united-kingdom","21":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115140015179174901","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/394367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=394367"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/394367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/394368"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=394367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=394367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=394367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}