OPEC+ Ups The Ante Via Another 411,000 Barrels Per Day Oil Output Hike
The post OPEC+ Ups The Ante Via Another 411,000 Barrels Per Day Oil Output Hike appeared on BitcoinEthereumNews.com. The logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at its headquarters in … More Vienna, Austria. (Photo: Joe Klamar) AFP via Getty Images Oil producers’ group OPEC+ decided to up its production levels despite weak crude prices in what is being seen as a bid to hold on to its market share in a tough economic environment. At their meeting on Saturday, eight members of OPEC+, a select group of Russia-led oil producers and the Organization of the Petroleum Exporting Countries (OPEC) spearheaded by Saudi Arabia, opted to raise collective production levels for July by another 411,000 barrels per day. Producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman cited “healthy market fundamentals and low oil inventories” as the reasons behind the move indicating their belief that the global oil market can absorb the additional supply. The decision over the weekend was third consecutive output hike of 411,000 bpd announced by OPEC+. Earlier in May, it agreed to up oil production for a second consecutive month, raising output for June by a similar volume. That June hike by OPEC+ took the total combined production increases for April, May and June to 960,000 bpd, or 44% of the 2.2 million bpd of previously agreed cuts since 2022. The latest hike implies a higher unwinding of over 1.37 million bpd (or 62%) from July. More OPEC+ Barrels May Flow In a statement, OPEC+ also noted: “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 group is scheduled to meet on July 6 to decide on its production levels for August, the week of OPEC’s International Seminar – an event it organizes every two years to draw in major…
The post OPEC+ Ups The Ante Via Another 411,000 Barrels Per Day Oil Output Hike appeared on BitcoinEthereumNews.com.
The logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at its headquarters in … More Vienna, Austria. (Photo: Joe Klamar) AFP via Getty Images Oil producers’ group OPEC+ decided to up its production levels despite weak crude prices in what is being seen as a bid to hold on to its market share in a tough economic environment. At their meeting on Saturday, eight members of OPEC+, a select group of Russia-led oil producers and the Organization of the Petroleum Exporting Countries (OPEC) spearheaded by Saudi Arabia, opted to raise collective production levels for July by another 411,000 barrels per day. Producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman cited “healthy market fundamentals and low oil inventories” as the reasons behind the move indicating their belief that the global oil market can absorb the additional supply. The decision over the weekend was third consecutive output hike of 411,000 bpd announced by OPEC+. Earlier in May, it agreed to up oil production for a second consecutive month, raising output for June by a similar volume. That June hike by OPEC+ took the total combined production increases for April, May and June to 960,000 bpd, or 44% of the 2.2 million bpd of previously agreed cuts since 2022. The latest hike implies a higher unwinding of over 1.37 million bpd (or 62%) from July. More OPEC+ Barrels May Flow In a statement, OPEC+ also noted: “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 group is scheduled to meet on July 6 to decide on its production levels for August, the week of OPEC’s International Seminar – an event it organizes every two years to draw in major…
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