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Oil Gains After OPEC+ Output Hike Seen as Modest

On Sunday, the coalition of oil-producing nations, including Saudi Arabia and Russia, decided to raise daily oil output by 1.66 million barrels through a moderate increase in production.
This decision reflected evolving producer strategies amid geopolitical tensions, especially the intensifying Russia-Ukraine conflict and expected U.S. sanctions on Russian crude.
The production increase was smaller than some analysts anticipated, signaling Saudi Arabia's priority on maximizing revenue over volume and plans to raise output further by 137,000 barrels per day from October.
On Monday, oil prices rose over 1 percent, with Brent crude up 80 cents to $66.30 and WTI crude rising 75 cents to $62.62, supported by relief over the output hike and ongoing geopolitical risks.
The moderate rise amid ongoing geopolitical tensions indicates continued market fluctuations and a trend toward an oil market that is increasingly divided and focused on regional supply dynamics.

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RTÉ

Center

Oil gains after OPEC+ output hike seen as modest

Oil prices rose today, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude.

13 hours ago·Ireland

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The Epoch Times

Lean Right

Oil Prices Spike Amid Modest Supply Boost by OPEC+, War Tensions

Crude oil prices jumped on Sept. 8 after OPEC+ decided to boost output at a slower pace amid growing concerns that the Russia–Ukraine war will not end soon. Brent crude oil futures were trading at $66.92 per barrel as of 8:20 a.m. EDT on Sept. 8, up about 2.17 percent from the Sept. 5 close. WTI crude oil futures, the main oil benchmark in North America, were trading at $63.24, up by more than 2 percent. In a Sept. 7 statement, OPEC+ announced i…

16 hours ago·New York, United States

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Business Live

Lean Right

Oil rises sanction risk offsets Opec+ output increase

Prospect of more sanctions on Russian crude after a overnight strike on Ukraine counters producers’ planned output increase

21 hours ago·Johannesburg, South Africa

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ABP News

Lean Right

Oil Prices Firm As Sanction Risks Outweigh OPEC+ Output Hike

OPEC+, which includes the Organisation of the Petroleum Exporting Countries, Russia and other partners, announced on Sunday that production would rise again from October.

23 hours ago·India

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