‘Bombshell' OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in oil production, while Asian stocks treaded water in thin trade with major markets closed.
The output increase of 411,000 barrels per day (bpd) announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply.
The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught.
"OPEC+ has just thrown a bombshell to the oil market," Jorge Leon, analyst with Rystad Energy, told AFP.
"(Saturday's) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production," he added.
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