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CNBC
05-07-2025
- Business
- CNBC
OPEC+ members agree larger-than-expected oil production hike in August
Eight oil-producing nations of the OPEC+ alliance on Saturday agreed to lift their collective crude production by 548,00 barrels per day, as they continue briskly unwinding a set of voluntary supply cuts. This subset of the alliance — comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day. In a statement, the OPEC Secretariat attributed the countries' decision to raise August daily output by 548,000 barrels to "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories." The eight producers have been implementing two sets of voluntary production cuts outside of the broader OPEC+ coalition's formal policy. One, totaling 1.66 million barrels per day, stays in effect until the end of next year. Under the second strategy, the countries reduced their production by an additional 2.2 million barrels per day until the end of the first quarter. They initially set out to boost their production by 137,000 barrels per day every month until September 2026, but only sustained that pace in April. The group then tripled the hike to 411,000 barrels per day in each of May, June and July — and are further accelerating the pace of their increases in August. Oil prices were briefly boosted in recent weeks by the seasonal summer spike in demand and the 12-day war between Israel and Iran, which threatened both Tehran's supplies and raised concerns over potential disruptions of supplies transported through the key Strait of Hormuz. At the end of the Friday session, oil futures settled at $68.30 per barrel for the September-expiry Ice Brent contract and at $66.50 per barrel for front month-August Nymex WTI.
Yahoo
03-04-2025
- Business
- Yahoo
8 OPEC nations boost crude oil production by 411,000 barrels a day
April 3 (UPI) -- Eight OPEC oil-producing nations Thursday agreed to boost crude oil production beginning in May. OPEC said in a statement that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman "reaffirmed their commitment" to voluntary production adjustments as they announced plans to boost production to a more-than-expected 411,000 barrels a day. "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," OPEC said in a statement. The move sent oil prices lower by 5.94% for Ice Brent which was at $70.50 a barrel in London trading. Nymex WTI prices were down 6.41% at $67.11 per barrel. The OPEC countries were expected to ramp up production by just under 140,000 barrels a day. They said this move will increase the compensation of the nations producing more oil. The added production is equivalent to three monthly increments of increases, according to OPEC. It comes as the 8 nations are ending a voluntary reduction in their crude oil output of 2.2 million barrels a day. The larger 22-member OPEC organization has a cut of 3.66 million barrels a day still in force through the end of 2026. Sign in to access your portfolio
NBC News
03-04-2025
- Business
- NBC News
Eight OPEC+ producers accelerate crude oil output hikes, pushing oil prices 6% lower
Eight key OPEC+ producers on Thuesday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices. The Ice Brent contract with June delivery was trading at $70.50 per barrel at 1:32 p.m. London time (8:32 a.m. ET), down 5.94% from the Wednesday close. The front-month May Nymex WTI contract was at $67.11 per barrel, 6.41% lower. Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually to review global market conditions and decided to raise collective output by 411,000 barrels per day, starting in May. The group was widely expected to implement an increase of just under 140,000 barrels per day next month. The May hike agreed on Thursday is 'equivalent to three monthly increments,' OPEC said in a statement, adding that 'the gradual increases may be paused or reversed subject to evolving market conditions.' The eight OPEC+ producers this month started gradually unwinding 2.2 million barrels per day of voluntary cuts undertaken independently from the production strategy of the broader 22-member OPEC+ alliance, which has roughly 3.66 million barrels per day of separate cuts in place until the end of 2026. The Thursday meeting was the first one attended by Erlan Akkenzhenov, the new energy minister of Kazakhstan, which has struggled with producing above its assigned quota. Without referencing individual countries, OPEC said in its Thursday statement that the May output hike will 'provide an opportunity for the participating countries to accelerate their compensation' by way of additional production cuts in line with overproduction. The Thursday decision was taken against the backdrop of broader market tumult triggered by sweeping tariffs on key trade partners unveiled on Wednesday by the administration of U.S. President Donald Trump, who has been simultaneously championing higher U.S. oil output.
