first in oil since February

Brent crude fell below $80 a barrel after OPEC+ agreed to begin phasing out cuts in 2025 despite concerns about the demand outlook and strong supply from outside the group. Brent crude fell below $80 a barrel for the first time since February. The Saudi Energy Ministry said on Sunday after an OPEC+ meeting that the production curbs would be fully resumed in the third quarter and then gradually lifted over the next 12 months. The agreement aims to continue supporting oil prices while easing production curbs that have bothered some members, such as the United Arab Emirates, as they seek to raise output levels. Most market watchers had expected OPEC+ to extend the cuts through the end of the year. “The market did not expect the cuts to ease from October,” said Vandana Hari, founder of Vanda Insights in Singapore. “The positive side from OPEC+’s perspective is that the agreement helps maintain compliance. If disproportionate cuts continue over the long term, it would be a source of friction.” Oil prices have been on a downward trend for the past two months, driven by geopolitical risks and weakening physical demand.