Sources: Opec+ agrees to 548,000 bpd oil hike for September amid supply concerns
The group will hold its next meeting on September 7, one of the sources said. — Reuters
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New Straits Times
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- New Straits Times
Oil prices rebound from 5-week low on Trump threats on Russian crude buyers
TOKYO: Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after US President Donald Trump's threats of tariffs on India over its Russian crude purchases. Brent crude futures rose 29 cents, or 0.4 per cent, to US$67.93 a barrel by 0119 GMT while US West Texas Intermediate crude was at US$65.44 a barrel, up 28 cents, or 0.4 per cent. Both contracts fell by more than US$1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+'s planned September output hike. "Investors are assessing whether India will reduce its Russian crude purchases in response to Trump's threats, which could tighten supply, but it remains to be seen if that will actually happen," said Yuki Takashima, economist at Nomura Securities. "If India's imports remain steady, WTI is likely to stay within the US$60-70 range for the rest of the month," he said. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. The OPEC+ pumps about half of the world's oil and had been curtailing production for several years to support the market, but the group introduced a series of accelerated output hikes this year to regain market share. At the same time, US demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine could upset supply flows as Indian refiners seek alternatives and Russian crude is redirected to other buyers. Trump on Tuesday again threatened higher tariffs on Indian goods over the country's Russian oil purchases over the next 24 hours. Trump also said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries. Nomura's Takashima also pointed to industry data showing crude inventories in the US, the world's biggest oil consumer, as supportive for the oil market. US crude inventories fell by 4.2 million barrels last week, sources citing American Petroleum Institute figures said on Tuesday. That compares with a Reuters poll estimate of a 600,000 barrels draw for the week to August 1. The US Energy Information Administration is due to release its weekly inventory data on Wednesday.
The Sun
an hour ago
- The Sun
Mexico and Canada strategise against Trump tariffs amid USMCA tensions
MEXICO CITY: Mexican President Claudia Sheinbaum hosted Canadian officials to coordinate responses to US President Donald Trump's escalating trade tariffs, despite the existing USMCA free trade agreement. The talks focused on mitigating economic impacts while preparing for a future visit by Canadian Prime Minister Mark Carney. Trump recently raised tariffs on select Canadian goods to 35% and postponed a 30% levy on Mexican imports for 90 days. Both nations face broader US duties on steel, aluminum, and automotive exports. Mexican Economy Secretary Marcelo Ebrard stated, 'They (Canada) are paying a 35 percent tariff and Mexico is not; we are going to exchange experiences, they want to know how Mexico is achieving these results.' The meetings included Canada's Finance Minister Francois-Philippe Champagne and Foreign Minister Anita Anand, with Sheinbaum noting on social media, 'we are strengthening the relationship between our countries.' Discussions also covered security and trade ahead of the USMCA's scheduled review in January 2026. Trump has criticised both nations for insufficient border controls against undocumented migration and fentanyl trafficking. - Reuters
The Star
2 hours ago
- The Star
Super Micro's quarterly revenue misses estimates
The Super Micro logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Super Micro missed Wall Street estimates for fourth-quarter revenue on Tuesday, hit by intense competition from larger server makers for high-performance computers used to train artificial-intelligence models. Shares of the San Jose, California-based firm fell 11% in extended trading. The AI server market is becoming more competitive as many companies launch advanced servers and rack configurations. Revenue for the quarter was $5.76 billion, compared with analysts' average estimate of $5.89 billion, according to data compiled by LSEG. (Reporting by Juby Babu in Mexico City; Editing by Sriraj Kalluvila)
