• $ 1.7
  • € 1.9897
  • ₽ 0.02109
  • ₺ 0.0415
  • £ 2.2968

Brent falls below $69 as OPEC+ boosts output, India resists U.S. pressure

Brent falls below $69 as OPEC+ boosts output, India resists U.S. pressure
04.08.2025 14:30

 Oil prices declined on Monday after eight OPEC+ countries announced a production increase, and India pushed back against U.S. calls to curb imports of Russian crude.

October Brent futures dropped 1.08% to $68.92 per barrel on ICE, falling below $69 for the first time since July 28, when U.S. President Donald Trump cut Russia’s Ukraine ceasefire deadline to Aug. 8.

On Aug. 3, OPEC+ agreed to raise output by 547,000 barrels per day, reversing earlier voluntary cuts amid strong demand and low global inventories.

Additional downside pressure came from Indian Prime Minister Narendra Modi’s defiance of Washington's threats of tariffs, as New Delhi continues to allow its refiners to buy Russian oil.

Similar news
Similar news
India to cut Russian oil purchases by 20%
Business 17:30
India to cut Russian oil purchases by 20%
Cabinet to hold meeting on Ilham Aliyev’s visit to Washington
Business 17:00
Cabinet to hold meeting on Ilham Aliyev’s visit to Washington
Azerbaijan central bank sets exchange rates for Aug. 26
Business 11:30
Azerbaijan central bank sets exchange rates for Aug. 26
Baku seen gaining leverage over Moscow as Russia eyes gas transit to Iran
Business 11:00
Baku seen gaining leverage over Moscow as Russia eyes gas transit to Iran
Direct flights between Tbilisi and Ankara to resume in October
Business 09:33
Direct flights between Tbilisi and Ankara to resume in October
Azerbaijan’s central bank says euro rises, rouble dips
Business 11:57
Azerbaijan’s central bank says euro rises, rouble dips
Iran hopes for swift start of Russian gas supplies via Azerbaijan
Business 10:30
Iran hopes for swift start of Russian gas supplies via Azerbaijan
BP completes third phase of social investment project to support Azerbaijani talent
Business 18:30
BP completes third phase of social investment project to support Azerbaijani talent
AZAL supervisory board reshuffled
Business 15:30
AZAL supervisory board reshuffled
Anews TV

Our official Youtube channel

Subscribe