Saudis in Rare OPEC+ Breach by Lifting Oil Output Above Quota

Saudi Arabia, which has repeatedly scolded other members for over-production, raised its crude output far above its OPEC+ quota last month. The kingdom boosted production roughly 700,000 barrels a day to 9.8 million barrels a day.

Other producers that topped their quotas last month as Israel went to war with Iran were Iraq, Kuwait and the United Arab Emirates, the International Energy Agency said in its monthly report. Iran’s output, meanwhile, sank by 400,000 barrels a day.

The production increases are colliding with a substantial surplus in global oil markets, putting pressure on prices that are already down about 13% since mid-June. “Recent months have seen a significant slowdown in oil demand, especially in developing countries,” the IEA said. —

A shift in the UK bond market is creating an additional headache for Prime Minister Keir Starmer and Chancellor Rachel Reeves. The central bank and the fiscal watchdog warned this week of a structural change in demand that leaves gilts at risk for more extreme moves, as hedge funds and foreign investors play a greater role. The changes come as Starmer and Reeves have linked economic policy directly to the trajectory of yields.