Latest news with #OPECplus
Yahoo
2 hours ago
- Business
- Yahoo
OPEC expects oil demand surge in Q3, followed by tight supply-demand balance
The Organisation of the Petroleum Exporting Countries (OPEC) anticipates a 'very strong' surge in oil demand in the third quarter (Q3) of 2025, followed by a tight supply-demand balance, according to a Reuters report, citing sources. In collaboration with its allies, OPEC is set to increase oil production in response to anticipated robust demand in Q3 and a subsequent tight supply-demand balance. According to a report by Russian media RIA, OPEC Secretary General Haitham Al Ghais conveyed these projections, highlighting the group's strategy to unwind years of output cuts designed to bolster the market, the report said. The OPEC+ producer group, which includes Russia, has been gradually reversing previous production cuts. OPEC+ is likely to sanction another significant output increase for September. This strategic move comes as the organisation prepares for forecasted demand growth. During a press interaction at last week's OPEC seminar in Vienna, Haitham Al Ghais projected an annual demand increase of 1.3 million barrels per day (mbpd) by this year, driven by a strong global economy. He was quoted as saying: 'Especially in the third quarter, we are seeing very strong demand growth. And this is one of the main fundamental factors that is leading the group of eight countries to bring barrels back to the market.' Al Ghais further noted that the fourth quarter is also expected to witness substantial demand growth, leading to tighter market balances. Despite cutting its global oil demand forecasts for the next four years due to a slowdown in Chinese economic growth, OPEC has raised its longer-term outlook based on increasing consumption in developing countries. The recently published 2025 World Oil Outlook estimates that global demand will average 105mbpd this year. This is projected to grow to an average of 106.3mbpd in 2026 and then ascend to 111.6mbpd by 2029. "OPEC expects oil demand surge in Q3, followed by tight supply-demand balance" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
CTV News
6 hours ago
- Business
- CTV News
OPEC says world economy may do better in second half of year
The logo of the Organization of the Petroleum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, on March 3, 2022. (AP Photo/Lisa Leutner, File) OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. 'India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,' OPEC said in the report. 'With this, the second-half 2025 economic growth may turn out better than currently expected.' The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas. (Editing by Kirsten Donovan)
Zawya
10 hours ago
- Business
- Zawya
Kazakhstan hikes oil output by 11.6% in first half, no plans to quit OPEC+
ASTANA - Kazakhstan's oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday. The Central Asian republic has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia, angering some bloc's members, according to the industry sources. Energy minister Erlan Akkenzhenov said on Tuesday that Kazakhstan exported 39.6 million tons of oil (1.64 million barrels per day), while this year's export is expected at 70.5 million tons. Reuters uses the ratio of barrels of Kazakhstan's crude oil to metric tons of 7.5 barrels per metric ton. Separately, the country's Prime Minister Olzhas Bektenov said Kazakhstan did not plan to leave OPEC+, while conceding it has struggled to abide by the OPEC+ production quotas. He said it was due to the expansion of the Chevron-led Tengiz oilfield, the country's largest. Kazakhstan's OPEC+ quota is set to rise to 1.532 million barrels per day in August from 1.514 million barrels per day in July. This does not account for output of gas condensate, a type of light oil. (Reporting by Tamara Vaal in Astana and Mariya Gordeyeva in Almaty; Writing by Lidia Kelly in Warsaw and Vladimir Soldatkin in Moscow; Editing by Christian Schmollinger and Louise Heavens)
Reuters
10 hours ago
- Business
- Reuters
Kazakhstan hikes oil output by 11.6% in first half, no plans to quit OPEC+
ASTANA, July 15 (Reuters) - Kazakhstan's oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday. The Central Asian republic has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia, angering some bloc's members, according to the industry sources. Energy minister Erlan Akkenzhenov said on Tuesday that Kazakhstan exported 39.6 million tons of oil (1.64 million barrels per day), while this year's export is expected at 70.5 million tons. Reuters uses the ratio of barrels of Kazakhstan's crude oil to metric tons of 7.5 barrels per metric ton. Separately, the country's Prime Minister Olzhas Bektenov said Kazakhstan did not plan to leave OPEC+, while conceding it has struggled to abide by the OPEC+ production quotas. He said it was due to the expansion of the Chevron-led (CVX.N), opens new tab Tengiz oilfield, the country's largest. Kazakhstan's OPEC+ quota is set to rise to 1.532 million barrels per day in August from 1.514 million barrels per day in July. This does not account for output of gas condensate, a type of light oil.
Zawya
a day ago
- Business
- Zawya
OPEC projects 'very strong' third-quarter oil demand, followed by tight balance, RIA reports
MOSCOW - OPEC, which along with its allies is ramping up oil output, expects "very strong" oil demand in the third quarter and a tight supply-demand balance in the following months, its secretary general said, according to a Russian media report. The eight members of the OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, are unwinding years of cuts that had been aimed at supporting the market. Five sources told Reuters that OPEC+ oil producers are set to approve another big output boost for September. Russia's RIA news agency quoted Haitham Al Ghais on Monday as telling journalists on the sidelines of last week's OPEC seminar in Vienna that the organisation expected demand growth of 1.3 million barrels per day year on year in 2025 due to a strong global economy. "And that means we are seeing, especially in the third quarter, very strong demand growth," he said, according to the report. "In the fourth quarter also we're seeing good demand growth, and the balances will be tight. And this is one of the main fundamental factors that is leading for the group of eight countries to bring barrels back to the market," he added. Al Ghais' comments come as OPEC trimmed its global oil demand forecasts for the next four years last week on slowing Chinese growth, even as it lifted its longer-term view based on rising consumption in the developing world. Global demand will average 105 million barrels per day this year, OPEC said in its 2025 World Oil Outlook published on Thursday. It expects demand to grow to average 106.3 million bpd in 2026 and then climb to 111.6 million bpd in 2029. (Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing by Joe Bavier)
