The OPEC+ group is not hiking oil production as much as the headline figures in the agreement suggest, as some members are close to capacity while others are compensating for previous overproduction. This could come as a relief to the market, which expects a major oversupply later this year and early next year. The OPEC+ members have so far delivered three-quarters of the increases that began in April 2025. The rise could drop to half of the volumes promised later this year, Reuters reported on Friday, ci ...

Crude rose as investors weighed mounting pressure on Russia’s oil industry against the outlook for a global glut. Brent crude traded near $68 a barrel, gaining for a third day but still within the narrow band it’s traded in since early August. Ukraine attacked another Russian refinery overnight as Western nations consider fresh sanctions in a bid to push President Vladimir Putin to the negotiating table. Most Read from Bloomberg Ukrainian military forces have intensified drone strikes on Russian energy ...