Muscat: Oil prices slipped in early Asian trade today after OPEC+ agreed to another large production hike in September. Brent crude futures fell 40 cents, or 0.57%, to $69.27 a barrel while US West Texas Intermediate crude was at $66.96 a barrel, down 37 cents, or 0.55%, after both contracts closed about $2 a barrel lower on Friday.

According to Oman News Agency, OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes. This decision comes amid ongoing efforts by the alliance to balance the global oil market and respond to fluctuating demand patterns.

The recent agreement by OPEC+ is part of a broader strategy to gradually increase oil output levels following previous cuts aimed at stabilizing prices during the pandemic. The consistent rise in production is seen as a response to recovering economies and increased energy demands worldwide.

The impact of OPEC+’s decision was immediately reflected in the market, leading to a decrease in oil prices as traders adjusted to the anticipated increase in supply. The production hike marks a significant move by the group, emphasizing their commitment to managing oil supply effectively in alignment with global economic conditions.