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OPEC+ agrees in principle another large oil output hike: Report
- OPEC+ countries agreed to increase crude oil production by 547,000 barrels per day starting in September to adjust market supply.
- This production boost followed prior increases earlier this year and responds to pressures like U.S. sanctions threats and fragile economic conditions.
- The group plans this measured increase to reclaim lost market share while staying ready to adjust output if oil demand weakens or market fundamentals worsen.
- West Texas Intermediate crude, the U.S. benchmark trading near $66.35 recently, faces volatility influenced by geopolitical tensions, weak U.S. jobs data, and upcoming economic reports.
- This supply adjustment suggests OPEC+ aims to balance revenue needs with price stability amid global uncertainties, including ongoing Russian crude trade tensions.
160 Articles
160 Articles
Russia's economy sometimes lives from the sale of Russian oil. An advance of important oil nations, from Opec-Plus, could now fuel the concern of challenges.
The world's largest oil countries have decided to increase oil production. OPEC+ wants to regain its market share and prepare for possible geopolitical shocks, including cutting Russia off from the oil business. Although supply currently exceeds demand, this may not bring cheaper fuel to gas stations. US sanctions may instead lead to an increase in fuel prices.
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547,000: OPEC Plus, the eight-member oil cartel de facto led by Saudi Arabia, announced on Sunday it would increase oil production by 547,000 barrels a day, the latest in a series of increases that first started in April. In response, oil prices dropped more than 2% on Monday.6: Anti-corruption authorities in Ukraine charged six people with embezzling funds intended for drone purchases in a “large-scale” bribery scheme. The arrests include one s…
Trump-Putin Showdown Fuels Oil Price Uncertainty
Oil traders have turned bullish on crude prices following President Trump's threat of new sanctions on Russia unless a ceasefire with Ukraine is agreed upon, despite bearish demand forecasts and increased OPEC+ production.
From September onwards, the global oil market will once again have much more oil available. Can this strategy of the Opec plus countries go well?
Lower gas prices could follow from OPEC+ boosting production by 547,000 barrels per day
A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia…
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