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Gulf Insider
12-07-2025
- Business
- Gulf Insider
Saudi Arabia Reaffirms OPEC+ Compliance As June Crude Supply Hits 9.35 Million bpd
Saudi Arabia's Ministry of Energy has confirmed that the Kingdom remained fully compliant with its voluntary OPEC+ production targets in June, with marketed crude oil supply averaging 9.352 million barrels per day. The figure reflects complete alignment with the agreed quota, underscoring Saudi Arabia's ongoing commitment to oil market stability. Amid elevated geopolitical tensions, the Kingdom emphasized that it acted prudently and preemptively in managing its energy output. The Ministry described Saudi Arabia's role as that of a reliable, transparent, and dependable energy supplier, reinforcing the country's efforts to enhance supply chain resilience and support global energy security. Although crude production briefly exceeded marketed supply, the additional volumes were not sold either domestically or internationally. Instead, they were managed as part of a broader contingency strategy. These volumes were directed toward building domestic inventories, improving east-west crude flow optimization, and repositioning barrels to offshore storage hubs under long-term delivery strategies designed to enhance flexibility and responsiveness. The Ministry further stressed that all production and supply figures are reported to the OPEC Secretariat on a monthly basis with full transparency. In addition, all eight OPEC-designated Secondary Sources were formally briefed at the start of the week regarding the June data, reaffirming the Kingdom's commitment to transparency and cooperation within the OPEC+ framework.
CNBC
11-07-2025
- Business
- CNBC
The palace, the protests and the red carpet: How OPEC's seminar played out
For centuries, Vienna's romantic Hofburg palace served as a winter residence of the imperial Habsburg dynasty — this week, though, it welcomed Saudi royalty, energy ministers, top CEOs and a slew of analysts traders and more. Here are some highlights: Since 1965, Vienna has housed the headquarters of the OPEC Secretariat — the administrative backbone of the 12-member OPEC alliance of oil producers. The Secretariat is led by a secretary-general — currently, former Kuwaiti official Haitham al-Ghais, who took office for his first three-year term in 2022 and has since been reappointed for a second stint starting Aug. 1, 2025. Before the Covid-19 pandemic, the OPEC Secretariat was the humble backdrop of (often) day-long, high-stakes and heated discussions over crude output levels between OPEC producers and their allies, at least twice a year. The Secretariat's home is a cavernous building, where journalists are typically relegated to a basement media room. Sometimes, they're allowed to maraud down cordoned-off areas, hunting for comment as oil ministers of OPEC countries and their allies — collectively known as OPEC+ — arrive. Despite that, even the most nostalgic OPEC journalists will admit that the group's seminar has had a major venue upgrade. The Hofburg palace opened its gates to delegates and media over July 9-10 for a series of sessions focusing on the state of play in the oil market, hydrocarbon investment and the green energy transition. The conference is attended by invitation and accreditation. For the OPEC seminar, the Hofburg palace laid out an interminable red carpet and armed one of its ballrooms-turned-conference halls with larger-than-life high-tech screens playing OPEC's cinematic account of the history of oil. "I'm sure with this event, there are quite a few people who would say, 'Damn it, why I wasn't there?'" Saudi Prince and Energy Minister Abdulaziz bin Salman, the de facto leader of the OPEC alliance, said during special remarks as the conference opened on Wednesday. Acknowledging the Austrian government's willingness to "do its utmost to enable this organization to survive and work and attend to its function, unhindered by … legal concerns and things like that," he stressed: "We are here because your country is beautiful, the city is historic, and more important, the people are welcoming." It turned out, the idyllic charm of Hofburg's sprawling alleyways is no match for a megaphone. By 4:45 p.m. local time on Wednesday, a group of around 30 people, by CNBC's count, had gathered at a respectful distance across the road from the palace to protest the OPEC seminar. A protester briefly leading the chants, who did not want to be identified, said the demonstration was in support of the embattled Gaza enclave, which has been targeted by a retaliatory Israeli military campaign since the Hamas terrorist attacks of October 2023. She pointed CNBC to a series of posts on the stop_opec Instagram account. "Sitting atop plentiful oil resources, Arab regimes yield the power enough to halt Israeli expansion and challenge the West. Yet they choose to fuel U.S. arm sales, and enrich them with real estate, simultaneously fortifying Europe's borders," said one social media post. On the ground, chanting protesters called for an oil embargo and the closure of the Strait of Hormuz – echoing a threat made by Tehran during its 12-day war with Israel last month. Many Arab states — including Hamas supporter Iran – have expressed solidarity with the Palestinian cause. CNBC has reached out to the OPEC Secretariat for comment over the protests. The who's-who of OPEC Seminar speakers spanned ministers of OPEC countries, their allies, key consumers such as India and Turkey, as well as the CEOs of the biggest names in the industry, including the heads of BP, TotalEnergies, Shell and Saudi Aramco. CNBC tried to intercept several of these delegations. Ministers from heavyweight producers Russia and Iran — who would likely have been swarmed by journalists amid pressures from European and U.S. sanctions — were notably absent. Iranian Oil Minister Mohsen Paknejad nevertheless delivered opening remarks via videoconference on Wednesday, in a speech which included some rare political comments. He stressed the risks that armed escalations pose to crude markets, mere weeks after his country, OPEC's third-largest producer, was locked in a 12-day war with Israel. "This vital and growing industry needs peace to serve its mission of promoting prosperity at national, regional and global levels; and to promote cooperation and development in a fast changing and ever-complicating world," he said, according to a speech readout. Going into the conference, members of the press can't be begrudged their enthusiasm: OPEC+ — as well as its eight-nation subset who have been carrying out voluntary cuts in crude production — have been increasingly meeting over private videoconference, limiting opportunities for press briefings. At the OPEC seminar, the action doesn't start at the red carpet. Often tipped off on where delegations are staying, journalists frequently stake out hotels, hoping for unguarded comments as ministers make their way to the conference. CNBC's Emma Graham also likened the event to a wedding — no one is getting married, but journalists can once again have a good catch up with their friends who report on the oil market. Otherwise, most OPEC reporting is now done through sourced scoops and probing delegates for market views and indicators ahead of — and during — policy meetings. The next one is due on Aug. 3, between the eight members who have been progressively (and increasingly briskly) unwinding a voluntary 2.2 million-barrels-per-day production cut.
Ya Libnan
06-07-2025
- Business
- Ya Libnan
OPEC+ members agree to larger-than-expected oil production hike in August
Summary Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind 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 is 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-expiration Ice Brent contract and at $66.50 per barrel for front month-August Nymex U.S. West Texas Intermediate crude. (CNBC)
Gulf Insider
05-07-2025
- Business
- Gulf Insider
OPEC+ Further Accelerates Oil Output Hike By 548,000 bpd In August
Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective oil production by 548,000 barrels per day in August. The decision to further accelerate oil output hike was taken during a virtual meeting of the eight member countries, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The group held its first meeting—since oil prices jumped and then retreated following Israeli and U.S. attacks on Iran—to review oil market developments and future outlook. They had been expected to increase their output by a smaller 411,000 barrels per day. This increase, which is equivalent to four previous monthly increments, is in line with 'a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,' the OPEC Secretariat said in a statement. '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 emphasized. Saturday's decision builds on the previous agreement on December 5, 2024, regarding the gradual and flexible restoration of the voluntary production adjustments of 2.2 million barrels per day, which began on April 1, 2025. The alliance 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 is further accelerating the pace of their increases in August. The OPEC+ countries indicated that these increases are subject to adjustment or temporary suspension depending on market dynamics, giving it the flexibility needed to support market stability. They also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. 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, the statement pointed out.
Saudi Gazette
05-07-2025
- Business
- Saudi Gazette
OPEC+ further accelerates oil output hike by 548,000 bpd in August
Saudi Gazette report RIYADH — Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective oil production by 548,000 barrels per day in August. The decision to further accelerate oil output hike was taken during a virtual meeting of the eight member countries, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The group held its first meeting—since oil prices jumped and then retreated following Israeli and U.S. attacks on Iran—to review oil market developments and future outlook. They had been expected to increase their output by a smaller 411,000 barrels per day. This increase, which is equivalent to four previous monthly increments, is in line with 'a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,' the OPEC Secretariat said in a statement. '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 emphasized. Saturday's decision builds on the previous agreement on December 5, 2024, regarding the gradual and flexible restoration of the voluntary production adjustments of 2.2 million barrels per day, which began on April 1, 2025. The alliance 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 is further accelerating the pace of their increases in August. The OPEC+ countries indicated that these increases are subject to adjustment or temporary suspension depending on market dynamics, giving it the flexibility needed to support market stability. They also noted that this measure will provide an opportunity for the participating countries to accelerate their 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, the statement pointed out.
