U.S. sanctions not aimed at harming Colombian people, economy, says Rubio
U.S. Secretary of State Marco Rubio said on Saturday that Washington’s sanctions against Colombian President Gustavo Petro were not intended to harm...
OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
The decision comes amid growing concerns about supply disruptions linked to Russia.
This move fully reverses the group’s largest previous output cuts and adds to a separate increase from the United Arab Emirates, together totaling about 2.5 million barrels per day, roughly 2.4% of global demand.
The decision comes during intensified U.S. efforts to pressure India into stopping Russian oil imports, part of Washington’s strategy to push Moscow toward peace talks over Ukraine, with President Donald Trump aiming for progress by 8 August.
OPEC+ cited strong economic conditions and low inventory levels as key reasons for boosting supply. Despite increased production, oil prices remain high, with Brent crude closing near $70 a barrel on Friday, up from a low of about $58 in April. Rising seasonal demand also supports prices.
Energy analyst Amrita Sen said strong prices and tight supplies have boosted OPEC+’s confidence in raising output. The group will meet again on 7 September to possibly revisit 1.65 million bpd in cuts set to last through 2026.
UBS’s Giovanni Staunovo highlighted that markets have absorbed the increased supply well, partly due to stockpiling in China.
"So far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China," said Giovanni Staunovo of UBS. "All eyes will now shift on the Trump decision on Russia this Friday."
In addition to the voluntary 1.65 million bpd cut by the eight members, OPEC+ maintains a 2 million bpd cut across all members, which expires at the end of 2026.
Former OPEC official Jorge Leon praised the coalition for fully reversing its largest cut without causing price crashes but cautioned that managing the remaining cuts.
"But the next task will be even harder; deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion."
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Türkiye’s main stock index, BIST 100, closed on Friday at 10,941.79 points, recording a 3.14% increase.
Türkiye has emerged as Europe’s largest steel producer and the world’s seventh largest in the first eight months of 2025, producing 36.9 million tonnes last year, according to sector officials.
Germany’s Adidas increased its full-year profit guidance, saying it managed to cushion some of the extra expenses resulting from higher U.S. tariffs.
Germany’s Adidas on Tuesday raised its full-year operating profit forecast, saying it had successfully offset part of the additional costs caused by higher U.S. tariffs.
New Zealand's annual inflation accelerated in the third quarter, reaching 3.0%, which aligns with analysts' expectations and is at the upper end of the central bank's target range, according to official data released on Monday.
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