OPEC, crude oil
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Crude oil outlook turns bearish as geopolitical risks ease, OPEC plans a supply hike, and demand signals remain weak ahead of next week’s trade.
The Energy Information Administration (EIA) of the U.S. Department of Energy recently released its forecast for OPEC’s daily crude oil production in 2026, projecting a steady increase to 33.08 million barrels per day.
The trading slump may be confined to Shell, the biggest European energy company, but it could also be indicative of difficulties affecting others.
2don MSN
Crude oil prices declined after OPEC agreed to raise production by 548,000 barrels per day in August. Oil prices also came under pressure as US officials flagged a delay on tariffs but failed to provide details on the change.