Latest news with #JointMinisterialMonitoringCommittee
Arab News
4 days ago
- Business
- Arab News
OPEC+ to raise output by 548,000 bpd in August as market outlook improves
RIYADH: Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year. The decision came after a virtual meeting on July 5, where the group — comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reviewed global market conditions and cited a steady economic outlook and low oil inventories as reasons for the increase. The planned output hike is part of a broader, gradual return of 2.2 million barrels per day of voluntary cuts announced in December 2024. Under that agreement, the eight producers began easing their curbs in April 2025, with the August increase representing the equivalent of four scheduled monthly increments. OPEC+ emphasized that the gradual ramp-up remains flexible and could be paused or reversed if market conditions warrant. This adaptive approach, the group said, aims to safeguard oil market stability amid evolving global dynamics. In addition to the production increase, the eight countries reaffirmed their commitment to full compliance with the alliance's Declaration of Cooperation. They also pledged to compensate for any overproduction since January 2024, with oversight provided by the Joint Ministerial Monitoring Committee. Monthly meetings will continue to assess supply, demand, and conformity. The next gathering is scheduled for Aug. 3, when members will decide on production levels for September.
Iraqi News
01-06-2025
- Business
- Iraqi News
Iraq and OPEC+ members plan to raise oil output in July
Baghdad ( – Eight OPEC+ member countries, including Iraq, met virtually on Saturday to review global market dynamics and outlook. The eight OPEC+ countries, which previously announced further voluntary adjustments in April and November 2023, are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, according to OPEC+. The eight member countries plan to implement an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025. The planned gradual increases may be postponed or reversed if market conditions fluctuate. This flexibility will enable the organization to maintain its commitment to oil market stability. The eight OPEC+ countries also stated that this strategy will allow member countries to hasten their compensation. The eight countries reaffirmed their commitment to achieving full compliance with the Declaration of Cooperation, including the extra optional output adjustments that were agreed to be reviewed by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting in April 2024. OPEC+ members reiterated their plan to completely compensate for any overproduction volume since January 2024. They will meet monthly to discuss market circumstances, compliance, and compensation, with their next meeting to be held on July 6, 2025, to decide on August production levels.
Sharjah 24
31-05-2025
- Business
- Sharjah 24
OPEC+ to raise output by 411,000 barrels daily in July 2025
Market outlook and production strategy Citing a stable global economic outlook and healthy market fundamentals, such as low oil inventories, the group decided to move forward with a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments. This decision aligns with the earlier agreement made on 5 December 2024. July production adjustment: 411,000 barrels per day Starting in July 2025, the eight countries will implement a production increase of 411,000 barrels per day compared to June 2025 levels. This adjustment reflects the equivalent of three monthly increments. The plan includes flexibility to pause or reverse these increases depending on how market conditions evolve, maintaining support for oil market stability. Opportunity for accelerated compensation The participating countries emphasized that this measured increase provides an opportunity to accelerate compensation efforts. They reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation, including the voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on 3 April 2024. Commitment to full compensation The eight countries also confirmed their intention to fully compensate for any overproduction since January 2024. Monthly meetings will be held to assess market conditions, monitor conformity, and track compensation progress. Next meeting scheduled for 6 July 2025 The group will reconvene on 6 July 2025 to determine production levels for August, continuing their coordinated approach to managing oil market stability.
Gulf Insider
04-05-2025
- Business
- Gulf Insider
OPEC+ Announces Accelerated Oil Output Hike Of 411,000 bpd In June
The OPEC+ countries have agreed on Saturday to an oil output hike for a second month in a row in June with 411,000 barrels per day. Last month, the eight OPEC+ countries made a larger-than-planned production increase for May, also of 411,000 bpd. Oil prices fell over one percent on Friday as traders braced for more OPEC+ supply when concerns of an economic slowdown caused by a trade war between the U.S. and China have prompted forecasters to lower demand growth expectations for this year. The June increase had been agreed as the OPEC+ countries held an online meeting to decide on output. The eight OPEC+ countries are Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria and Oman. 'In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level. This is equivalent to three monthly increments,' the group said in a statement. OPEC+ said this measure will provide an opportunity for the participating countries to accelerate their compensation. 'The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,' the statement pointed out. The group will meet on June 1 to decide on July production levels. The OPEC+ countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
Saudi Gazette
03-05-2025
- Business
- Saudi Gazette
OPEC+ announces accelerated oil output hike of 411,000 bpd in June
Saudi Gazette report RIYADH — The OPEC+ countries have agreed on Saturday to an oil output hike for a second month in a row in June with 411,000 barrels per day. Last month, the eight OPEC+ countries made a larger-than-planned production increase for May, also of 411,000 bpd. Together with U.S. trade tariff hikes, the decision helped to drive oil prices below $60 a barrel to a four-year low. The decision is expected to deepen the slump in crude prices triggered by US President Donald Trump's announcement of tariffs. Oil prices fell over one percent on Friday as traders braced for more OPEC+ supply when concerns of an economic slowdown caused by a trade war between the U.S. and China have prompted forecasters to lower demand growth expectations for this year. The June increase had been agreed as the OPEC+ countries held an online meeting to decide on output. The eight OPEC+ countries are Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria and Oman. 'In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level. This is equivalent to three monthly increments,' the group said in a statement. OPEC+ said this measure will provide an opportunity for the participating countries to accelerate their compensation. "The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,' the statement pointed out. The group will meet on June 1 to decide on July production levels. The OPEC+ countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
