Kuwait's oil minister stressed the importance of coordination and consultation among oil-producing countries to address shifts in the energy market, Kuwait News Agency reported.

Germany plans to increase 2027 net new borrowing to EUR118.0bn (about $135bn), roughly 7% above April projections, a finance ministry official said. The rise reflects weaker-than-expected tax receipts, higher interest rates raising debt-servicing costs, and additional funding needs at the Federal Employment Agency for unemployment benefits. Chancellor Friedrich Merz and Finance Minister Lars Klingbeil have proposed a reform package covering pensions, healthcare and taxes; the cabinet is expected to approve the package and the 2027 budget on Monday.

OPEC+ is due to hold its monthly meeting later today. A source said the group has in principle agreed to raise crude oil production quotas by 188,000 bpd from August; two other sources said that increase is the likeliest outcome.