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OPEC+ to Boost Oil Output Further Despite Supply Glut Concerns
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Good morning, CFOs. The Organization of the Petroleum Exporting Countries and its allies reach an agreement on oil output; the EU’s tenuous trade truce with the U.S.; Seoul says deal reached after Hyundai raid.
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An oil field in Basra, Iraq, earlier this year. PHOTO: MOHAMMED ATY/REUTERS
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The Organization of the Petroleum Exporting Countries and its allies agreed to raise oil output further next month, reports my colleague Giulia Petroni.
After an online meeting Sunday, eight OPEC+ members said they will boost production by 137,000 barrels a day in October, beginning to roll back some voluntary cuts they had previously put in place. The alliance, which comprises OPEC and other top oil producers including Russia, had been expected to keep output steady until recent days.
Oil prices closed the week lower, with Brent crude trading around $65 a barrel amid growing concerns of a potential OPEC+ supply increase and an unexpected buildup in weekly U.S. crude inventories. Brent crude and West Texas Intermediate have both retreated by more than 10% this year.
What's next? The eight producers behind the voluntary cuts—namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman—said they would meet on Oct. 5 to discuss November production levels.
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Content from our sponsor: Deloitte
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Family-Owned Businesses: The Benefits of a Strong Governance Structure
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Formalizing governance mechanisms can help reduce conflicts at family enterprises, streamlining decision-making processes and aligning the interests of family members with strategic business goals. Read More
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Monday
Earnings: Casey’s General Stores
Tuesday
Earnings: AeroVironment, Core & Main, GameStop, Oracle, Rubrik, SailPoint and Synopsys
The National Federation of Independent Business releases its Small Business Optimism Index for August.
The BLS releases its preliminary revision to employment data for the 12 months ending March 2025.
Apple will hold an event at its headquarters in Cupertino, Calif.
Wednesday
Earnings: Chewy
The BLS releases the producer price index for August.
Thursday
Earnings: Adobe and Kroger
The BLS releases the consumer price index for August.
Friday
The University of Michigan releases its Consumer Sentiment survey for September.
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What Else Matters to CFOs
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Krone Group, which makes farming equipment and commercial vehicles, stopped exports to the U.S. after metals tariffs were expanded to cover many parts. PHOTO: JOHN KEEBLE/GETTY IMAGES
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When President Trump unveiled his trade deal with the European Union in July, businesses across the bloc thought it would end months of uncertainty for one of the world’s most lucrative trade relationships.
Less than two months on, frustration with the deal is growing in Europe. Businesses are halting exports to the U.S., complaining about new bureaucratic hurdles and warning about a new era of unpredictability.
The reason: the Trump administration’s decision to expand its 50% metals tariffs to cover hundreds of additional products that contain steel and aluminum, slapping a large number of European manufacturers with tariffs higher than the 15% that Trump and the EU agreed on for most products.
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$5 Billion
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How much the ultrawealthy have invested over the past 2½ decades for the possibility of living to 150 or beyond, according to a Wall Street Journal analysis of longevity investment deals in PitchBook, public company statements and regulatory filings.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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