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OPEC+ Considers Accelerating Oil Production More Than Expected: Report
- On Saturday, OPEC+ members, including Russia and Saudi Arabia, are set to agree on a virtual meeting to increase oil output by over 411,000 bpd.
- Driven by a pivot to market share, OPEC+ aims to increase output to regain lost ground from US shale drillers amid risks of oversupply and falling prices.
- Data from the International Energy Agency indicates a sizeable surplus later this year, with Brent futures near $68 a barrel and analyst Tamas Varga warning that 411,000 bpd hikes will swell reserves.
- Futures fell nearly 1% on Friday amid thin trading, as further OPEC+ output hikes risk deepening a global oversupply.
- In the coming months, OPEC+ plans to return 2.2 million barrels per day by September, risking a global surplus and potentially lowering prices to $60 a barrel in Q4, according to the International Energy Agency.
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Opec+ steps up oil output increases
LONDON - Opec+ agreed on Saturday to raise production by 548,000 barrels per day (bpd) in August, further accelerating output increases at its first meeting since oil prices jumped — and then retreated — following Israeli and US attacks on Iran .
·Bangkok, Thailand
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The OPEC+ alliance decided to increase its oil supply by 548,000 barrels per day (bd) from 1 August.
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Total News Sources90
Leaning Left8Leaning Right12Center22Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 19%
C 52%
R 29%
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