OPEC+, comprising Saudi Arabia and Russia, is set to significantly increase oil production in September. This decision comes despite warnings from the International Energy Agency about the possibility of oversupply in the market by the end of the year. Additionally, US tariffs targeting Russian crude buyers hinge on the outcomes of trade discussions with India, China, and ongoing negotiations regarding a peace deal with Ukraine. Furthermore, the article addresses concerns over China's dominance in rare earth minerals and the popularity of a Chinese toy called Labubu.
OPEC+ has agreed to another large production hike in September, which raises concerns about potential market oversupply later this year, according to the International Energy Agency.
Donald Trump's tariffs are aimed at Russian crude buyers, contingent upon the success of trade negotiations with India and China and the Ukraine peace deal talks.
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