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SINGAPORE: Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on demand expectations.

Brent crude futures fell 24 cents, or 0.35 percent, to $68.06 a barrel by 8:42 a.m. Saudi time, while US West Texas Intermediate crude was at $66.31, down 69 cents, or 1.03 percent. 

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August.

“The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue,” Tim Evans of Evans Energy said in a note.

The August increase is a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April.

The decision will bring nearly 80 percent of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts led by Helima Croft said in a note. 

However, the actual output increase has been smaller than planned so far and most of the supply has been from ������Ƶ, they added. 

������Ƶ on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia.

Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on Aug. 3.

Oil also came under pressure as US officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed.

The US is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates scheduled to take effect on Aug. 1.

Trump in April announced a 10 percent base tariff rate on most countries and higher “reciprocal” rates ranging up to 50 percent, with an original deadline of this Wednesday.

However, Trump also said levies could range in value from “maybe 60 percent or 70 percent tariffs to 10 percent and 20 percent,” further clouding the picture.

Investors are worried higher tariff rates could slow economic activity which would reduce demand for oil.

“Concerns over Trump’s tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now,” said Priyanka Sachdeva, a senior market analyst at Phillip Nova. 

JEDDAH: ������Ƶ issued more than 80,000 new commercial registrations in the second quarter of 2025, pushing the total number of valid business records across the Kingdom to nearly 1.72 million, official data showed. 

The surge was driven by activity in high-growth industries, including artificial intelligence, blockchain, and big data analytics, as well as financial services, insurance, gaming, and entertainment, according to the Ministry of Commerce’s quarterly Business Sector Bulletin. 

The pickup in business activity underscores ������Ƶ’s drive to diversify its economy under Vision 2030, with sweeping reforms aimed at boosting the private sector and reducing its reliance on oil. Through the National Transformation Program, the Kingdom is investing in infrastructure, digitalization, and regulatory improvements to attract investment and spur entrepreneurship nationwide. 

Citing Minister of Commerce Majed Al-Qasabi, the bulletin stated: “He explained that this rectification is part of a broader set of measures aimed at combating commercial concealment, which remains one of the key challenges hindering the growth of the local economy.” 

It added that the minister said the ministry has recently worked on rectifying the status of commercial registrations and updating their data to ensure compliance with regulations and to enhance market transparency. 

Riyadh accounted for the largest share of new registrations during the quarter with 28,181 licenses, followed by Makkah with 14,498, the Eastern Province with 12,985, and Qassim with 4,920. Asir, which has been gaining prominence as an investment destination, recorded 3,875 new commercial records. 

The second quarter also saw the implementation of the newly approved Commercial Register Law and Trade Names Law. These reforms have eliminated the need for separate subsidiary registrations by allowing businesses to operate under a single commercial record across the nation, regardless of their geographic location.  

The changes are intended to simplify licensing, reduce administrative burden, and improve the overall ease of doing business in the Kingdom. 
  
Women’s participation in the commercial sector continued to rise, with female entrepreneurs accounting for 49 percent of newly issued commercial records. Limited liability companies remained the dominant form of business structure, with 10,954 LLCs registered during the quarter. Partnerships and joint stock companies also showed solid activity, further diversifying the business landscape. 

Several sectors experienced strong year-on-year growth. Registrations related to cloud data storage and analytics increased by 48 percent, reaching 5,894 records, with Riyadh leading the way at 3,775. 
 
Activities related to artificial intelligence increased by 34 percent, resulting in 14,409 new records, of which 8,909 were registered in the capital. The franchise sector expanded significantly as well, with activity up 64 percent compared to the same period last year, totaling 2,863 new registrations, driven largely by the food and beverage, retail, and services segments. 
 
Investor interest from abroad also surged, with registrations by foreign and GCC investors rising by 38 percent in the second quarter to more than 70,000 new records. Of these, 38,640 registrations were made by foreign nationals and 31,488 by regional Gulf investors. The majority of this investment was directed toward non-residential construction and building development, signaling sustained demand in real estate and infrastructure. 
 
The ministry also reported 39,366 active commercial records in e-commerce by the end of the second quarter, underscoring the Kingdom’s rapid digitalization.  
 
Meanwhile, gaming, leisure, and entertainment activities continued to gain traction, with a growing number of licenses issued in these sectors.