Latest news with #outputincrease
Yahoo
07-07-2025
- Business
- Yahoo
OPEC+ Agrees on Larger-Than-Expected Supply Hike Again
The Organization of the Petroleum Exporting Countries and its allies agreed Saturday to boost output again next month by more than expected, raising concerns about a potential oversupply. Oil prices fell initially but steadied later in the day. OPEC+, a grouping led by Saudi Arabia and Russia, agreed Saturday to add 548,000 barrels a day in August over July Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed Saturday to boost output again next month by more than expected, raising concerns about a potential oversupply. Oil prices steadied after falling on the news initially. Brent crude futures rose 0.6% to $68.69 per barrel, while West Texas Intermediate futures were little changed at about $66.98. OPEC+, a grouping led by Saudi Arabia and Russia, agreed to add 548,000 barrels a day in August over July levels, citing 'a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories' and its plans to end a voluntary output cut it started two years ago to prop up oil prices. The grouping had announced hikes of 411,000 barrels a day previously. 'Larger supply hikes increase the scale of the surplus in the oil market later in the year,' ING analysts said, pointing to the larger-than-expected increase in output. 'This supports the view that there's further downside for oil prices.' In early March, the group affirmed plans to gradually increase crude production beginning in April. The group had a policy of voluntary production cuts of 2.2 million barrels per day (B/D). Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
LBCI
05-07-2025
- Business
- LBCI
OPEC+ says to increase petrol production from August
Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August. They decided to hike production to 548,000 barrels per day, a statement following a meeting in Vienna said. Analysts had expected the alliance to decide on another output increase of 411,000 barrels per day (bpd) -- the same target approved for May, June and July. The wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- began output cuts in 2022 in a bid to prop up prices. AFP
Bloomberg
25-06-2025
- Business
- Bloomberg
Russia Is Open to New Output Hike If OPEC+ Decides It's Needed
Russia is open to another output hike at the next OPEC+ meeting if the alliance deems such an increase to be necessary, according to a person familiar with the nation's position. Moscow's partnership with OPEC+ is very important and Russia will seek a solution that's acceptable for the whole group at the meeting on July 6, the person said on condition of anonymity as the deliberations are not public. The eight OPEC+ members involved in the talks, which have been rolling back their production cuts in monthly increments, may consider another hike for August, the person said.
South China Morning Post
21-06-2025
- Business
- South China Morning Post
Opec+ may speed oil output hikes amid Israel-Iran fighting: Rosneft head
Opec+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia's largest oil producer Rosneft, said on Saturday. He also said that the decision by the Opec+ to speed up the output increase now looked farsighted and justified in light of the confrontation between Israel and Iran. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing to a bigger-than-expected output hike for May despite weak prices and slowing demand. Opec+ has since decided to continue with more than planned hikes. 'The announced increase in production since May of this year is three times higher than the alliance's initial plan. In addition, the entire increase in Opec+ production could be shifted a year ahead of plan,' he said without elaborating. 'The decision taken by Opec leaders to forcefully increase production looks very farsighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict,' he added.
Reuters
21-06-2025
- Business
- Reuters
Head of Russia's Rosneft says OPEC+ could speed up oil output hikes by a year
ST PETERSBURG, Russia, June 21 (Reuters) - OPEC+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia's largest oil producer Rosneft ( opens new tab, said on Saturday. He also said that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand. OPEC+ has since decided to continue with more than planned hikes. "The announced increase in production since May of this year is three times higher than the alliance's initial plan. In addition, the entire increase in OPEC+ production could be shifted a year ahead of plan," he said without elaborating. "The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict," he added. OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. Having spent years curbing production, eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026. Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of an aerial war between Israel and Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year. Speaking at the St. Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand. Putin said on Friday he shared OPEC's assessment that demand for oil will remain high. He also said that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for OPEC+ to intervene in oil markets. Sechin also said Rosneft had already budgeted the oil price of $45 per barrel for this year, the level the European Union eyes as the new price cap on Russian oil imports, which is now set at $60. ($1 = 0.8679 euros)
