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‘Removing Paper Cuts’: Commodities Expert on OPEC+ Announcing Output Hike
OPEC+ plans a modest 137,000 bpd increase in oil production starting October amid steady global economy and tight inventories, marking a slower pace than previous months.
- On Sunday, the OPEC+ group decided to raise output by 137,000 barrels per day, with eight OPEC Plus members increasing production starting next month.
- By scaling back voluntary cuts of more than 1.6 million barrels per day, OPEC+ leadership seeks to regain market share while slowing hikes amid expected weaker demand.
- The online gathering of OPEC+ producers included Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, and scheduled the next meeting for October 5.
- Analysts warn the move could deepen a 15% oil price fall this year, pushing prices below $60 per barrel by year-end and into the mid-$50s next year, hurting oil companies' profits.
- OPEC+ retained options to adjust output and only Saudi Arabia and the United Arab Emirates can add barrels, with demand slowing in the fourth quarter risking oversupply later this year and early next year.
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Oil prices rose in early trading on Monday after OPEC+ countries agreed over the weekend to increase production in October at a slower-than-expected pace.
·Estonia
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The Star Kuala Lumpur+4 Reposted by 4 other sources
OPEC+ to continue to increase oil output in October
VIENNA, Sept. 7 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday decided to ramp up oil output by 137,000 barrels per day (bpd) in October. Read full story
·Malaysia
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Coverage Details
Total News Sources40
Leaning Left4Leaning Right4Center4Last UpdatedBias Distribution33% Left, 33% Center, 33% Right
Bias Distribution
- 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
33% Right
L 33%
C 33%
R 33%
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