US EditionOPEC+ Considers Another Big Oil Production Hike in July
- OPEC+ producers including Saudi Arabia and Russia consider a 411,000 barrels per day output increase for July at their June 1 meeting.
- This possible hike follows consecutive production increases in May and June driven by the desire to end previous output cuts amid rising supply.
- Recent data shows U.S. Crude inventories unexpectedly rose by 1.3 million barrels while demand for gasoline and diesel declined, adding pressure to oil prices.
- Brent crude futures closed down 1.02% at $64.25 a barrel and WTI settled 0.83% lower at $61.06 on May 22 due to concerns over supply outpacing demand.
- The group’s decision on July output will influence global supply balance amid forecasts of slower demand growth and ongoing geopolitical and market uncertainties.
16 Articles
16 Articles
OPEC+ Considers Another Big Oil Production Hike in July
The OPEC+ alliance is discussing the idea to make another big production increase in oil production for July, delegates from the group told Bloomberg News on Thursday. OPEC+ has already announced two consecutive production increases for May and June, each of 411,000 barrels per day (bpd), triple the volume the group had previously planned. Another 411,000-bpd output hike is among the options which the OPEC+ member countries that have been withh…
Lower Fuel Prices Will Continue, Market Reacts to Weak Demand and OPEC+ Negotiations, Analyst Says
Fuel prices will remain at reduced levels in the near future. However, slight fluctuations are likely to occur, with higher prices this week and a decrease next week, but these will only be minor fluctuations for now. This was stated by Marek Nemky, an analyst at XTB financial markets. Oil prices changed only minimally, investors await negotiations between the US and Iran on the nuclear program According to him, the development of oil prices is…
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