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OPEC+ agrees in principle another large oil output hike: Report
AUSTRIA, AUG 4 – Eight OPEC+ nations reversed a 2.2 million barrel per day cut from 2023 by increasing production 547,000 barrels per day in September to regain market share amid resilient prices.
- On Sunday, eight OPEC+ member nations agreed to raise their collective oil output by approximately half a million barrels daily starting in September to undo previous production cuts.
- The agreement follows phased output hikes since April and responds to strong global economic signals and low oil inventories.
- Analysts noted that oil prices remain near $70 per barrel despite increased supply, helped by tight stocks and stockpiling in China.
- Jorge Leon noted that OPEC+ has successfully undone its biggest production reduction without causing a sharp decline in prices, demonstrating the market's ability to handle increased output.
- The group plans to meet again on September 7 to consider reinstating about 1.65 million barrels per day in voluntary cuts amid geopolitical tensions.
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112 Articles
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…
From September onwards, the enlarged cartel, which also includes Russia, will extract another 547 thousand barrels of crude oil.
Shafaq News – Follow-up: Oil prices fell on Monday after the OPEC+ alliance announced a new increase in oil production for September, which led to escalating pressure in the market amid fears of a slowdown in the US economy. By 01:15 GMT, Brent crude fell by 40 cents, or 0.57%, to reach $69.27 per barrel, while US West Texas Intermediate crude fell by 37 cents, or 0.55%, to $66.96 per barrel. Both contracts closed last Friday with a decline of a…
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