OPEC+ set to approve another oil output increase: Reuters
The seven core members are unwinding 2023 cuts as Brent crude trades near $72 a barrel, Reuters reported.
- On Sunday, Opec+ members are meeting online to evaluate increasing crude oil supply targets for August, with the group expected to continue adding 188,000 barrels per day.
- Middle East conflict and closure of the Strait of Hormuz forced Gulf producers to cut output, with combined production from Saudi Arabia, Iraq, and Kuwait falling by six million barrels per day through May.
- Brent crude prices traded near US$72 per barrel on July 3, down from peaks of more than $120, while Saxo Bank analyst Ole Hansen cautioned that "shut in production takes time to restart."
- Rystad Energy analyst Jorge Leon predicts August will show an accelerated pickup in supply as shipping normalizes, though experts warn a global oil surplus could crash prices next year.
- At the end of the year, Opec+ is scheduled to reassess member quotas based on production capacity, which may address Iraq's request to compensate for shortfalls incurred during the Middle East war.
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225 Articles
OPEC+ Pumps More Oil, Testing Africa's Petro-States
OPEC+'s fifth straight monthly hike adds 188,000 bpd from August — pressure on Nigeria, Angola and Libya's budgets, and quiet relief for Africa's importers. The post OPEC+ Pumps More Oil, Testing Africa’s Petro-States appeared first on The Rio Times.
OPEC+ agrees another modest output rise as oil prices continue to fall
Seven countries in the OPEC+ alliance agreed to lift their combined oil output by a modest 188,000 barrels per day in August, adding supply just as crude prices slide back to levels not seen since before the Iran war erupted.
World oil prices began a week down, following the OPEC+ decision to increase production since August, and the market also monitors the situation in the Middle East and relations between the US and Iran.
Good morning! Let's talk about oil here once again. OPEC+, the organization of oil-producing countries including Russia,…
OPEC+ Approves August Oil Output Increase While Warning It May Reverse Course
The OPEC+ alliance has agreed to increase oil production by 188,000 barrels a day from August as it continues gradually unwinding voluntary supply cuts introduced in 2023, while warning future production increases could still be paused or reversed if market conditions change. The decision followed a virtual meeting on Saturday involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The seven countries said the additional prod…
Brent falls this Monday slightly from $72 following the announcement of an increase in OPEC+ production.
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