As OPEC+ Meets, Iran War Hobbles Power to Shape Oil Market
Analysts say a planned 188,000-barrel-a-day increase would have limited effect as Gulf shipments remain disrupted and production has fallen to 33 million barrels a day.
- On Sunday, OPEC+ ministers are holding an online meeting to weigh higher production quotas, attempting to cap oil prices that have surged since the Iran war choked off Gulf crude shipments.
- Tehran's threats of retaliatory attacks to US and Israeli strikes have virtually blocked the vital Strait of Hormuz, through which roughly a fifth of global oil supplies normally pass.
- OPEC+ daily production has plummeted to 33 million barrels, down from nearly 43 million before the conflict. Analyst Ole Hansen, commodities analyst at Saxo Bank, said, "There is very little OPEC can do."
- The United Arab Emirates' recent decision to quit OPEC saps the cartel's influence. Homayoun Falakshahi, head of crude oil analysis at data firm Kpler, warned, "If Iraq were to leave, it could mark the end of OPEC+."
- Geopolitical realities have neutralized the cartel's stated mission "to secure an efficient, economic and regular supply of petroleum to consumers, and a steady income to producers." China currently limits further price spikes by "buying less oil than normal.
14 Articles
14 Articles
Naftat tootvate riikide ühenduse OPEC+ ministrid otsustasid pühapäeval tõsta juuli naftakvoote. Analüütikute sõnul pole see piisav, et hinnad langeksid.
Radio France Internationale
As OPEC+ meets, Iran war hobbles power to shape oil market
The 21 countries of the OPEC+ alliance, led by Saudi Arabia and Russia, are evaluating on Sunday a possible increase in crude oil production in the midst of the war launched by the United States and Israel against Iran, the closure of the Strait of Hormuz and the huge fall in oil exports from the Persian Gulf. The group’s ministers will hold several telematic meetings to analyze the market situation and decide whether to maintain the planned pla…
OPEC+: Νέα αύξηση της παραγωγής πετρελαίου εν μέσω κρίσης εφοδιασμού
Οι επτά βασικές πετρελαιοπαραγωγές χώρες της συμμαχίας συμφώνησαν σε ενίσχυση των ποσοστώσεων κατά 188.000 βαρέλια ημερησίως, επιδιώκοντας να σταθεροποιήσουν την αγορά εν μέσω της μεγαλύτερης κρίσης εφοδιασμού των τελευταίων ετών The post OPEC+: Νέα αύξηση της παραγωγής πετρελαίου εν μέσω κρίσης εφοδιασμού appeared first on Protagon.gr.
Three OPEC+ sources said the cartel is expected to agree on Sunday to a fourth increase in oil production targets in as many months, Reuters reports. The problem is that transport through the Strait of Hormuz remains limited.
The 21 ‘petrostates’ of the OPEC+ alliance, led by Saudi Arabia and Russia, assess on Sunday possible adjustments to their levels of crude oil production in the short and medium term, in the midst of a market disturbed by the persistent blockade of the Strait of Ormuz. Decisions will hopefully be taken at different telematic meetings on the same day, as confirmed by sources from the Organization of Petroleum Exporting Countries (OPEC), based in …
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