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Opec+ to boost oil output for third consecutive month
- OPEC+, the largest group of oil producers, announced on Saturday a 411,000 barrel-per-day output increase for July to boost supply.
- The group previously curbed production by 2.2 million barrels daily since 2022 but began easing cuts in April amid rising market share competition and overproduction issues.
- The July hike follows earlier increases in April, May, and June and reflects OPEC+'s view of steady global economic conditions and healthy market fundamentals despite skepticism about demand.
- Benchmark Brent and U.S. Crude prices fell slightly to around $63.93 and $60.73 per barrel respectively, with analysts noting the market can absorb more barrels as summer demand rises.
- The increase aims to regain market share and penalize quota violators like Kazakhstan, suggesting OPEC+ prioritizes volume over price and adjusts strategically amid geopolitical pressures.
113 Articles
113 Articles
Oil prices jump after OPEC+ agrees to another sharp production hike
The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower. Article Attribution | Read More at Article Source The post Oil prices jump after OPEC+ agrees to another sharp production hike appeared first on RocketNews.
OPEC+ oil producers stick to their guns with another big hike for July
The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers.
Daily Journal
OPEC+ announces sharp increase in July oil production
Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July.
The alliance of oil-exporting countries OPEC+ is once again increasing oil production significantly in July. This will be the third month in a row that the cartel has increased production more than originally planned, which could cause oil prices to fall further. This could be beneficial for motorists when filling up their tanks.
Opec+ controls around 40 percent of global oil production. A core group of the cartel around Saudi Arabia and Russia sets the tone and gradually turns up the oil taps.
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