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Oil Rises as Strong Demand Offsets Big OPEC+ Output Hike
- On Saturday, eight members of OPEC+ agreed to collectively raise their oil output by 548 thousand barrels daily starting in August 2024.
- This decision comes after OPEC+ members had previously agreed to raise production by 411,000 barrels daily in each of May, June, and July, continuing their phased rollback of voluntary cuts totaling 2.2 million barrels per day since April 2024.
- OPEC+ pointed to a positive global economic environment, strong market conditions highlighted by low oil stockpiles, and the need to boost market share in response to US shale producers as key factors behind the decision to increase output.
- The group confirmed its plan to offset any excess production since January 2024 and noted that output increases might be halted or rolled back depending on changing market conditions.
- OPEC+ will meet again on August 3, 2024, to review September production levels while maintaining total cuts of 3.66 million bpd to help support market stability.
24 Articles
24 Articles
Oil prices up, strong demand outweighs surprisingly big OPEC+ output hike
HOUSTON: Oil prices rose nearly 2 per cent on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of US tariffs.
Oil rises as strong demand offsets big OPEC+ output hike
Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support.
OPEC+ Output Hike: Oil Prices Slip Amid Concerns of Oversupply
OPEC+ Output Hike: Oil Prices Slip Amid Concerns of Oversupply Oil prices fell by 1% at the beginning of the week, following an OPEC+ decision to accelerate output hikes, raising fears of oversupply. Brent crude dropped 67 cents to settle at $67.63 a barrel, while U.S. West Texas Intermediate was down $1.20, closing at $65.80.This decline comes after OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and their…
Saudis Hike Oil Prices More Than Expected in Confidence Sign
(Bloomberg) — Saudi Arabia raised prices for its main crude grade for buyers in Asia next month by more than its customers had been expecting, a sign Riyadh is confident the market is strong enough to withstand extra supplies that OPEC+ is adding.
Saudis Raise Main Oil Prices for Asia While OPEC+ Boosts Output
Saudi Arabia raised prices for its main crude grade for buyers in Asia next month by more than its customers had been expecting, a sign Riyadh is confident the market is strong enough to withstand extra supplies that OPEC+ is adding.
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