US EditionOPEC+ expected to open taps more despite price slump
- OPEC+, a coalition of 22 nations led by Saudi Arabia, has announced intentions to boost oil output during May and June, even though prices remain around $60 per barrel.
- This decision comes amid US President Donald Trump's efforts to encourage lower oil prices and Saudi Arabia's initiative to penalize members like Kazakhstan and Iraq that exceed their production quotas.
- Two meetings are scheduled for this week: an online session on Wednesday involving all members to review collective strategy, followed by a Sunday gathering of the "V8" group, comprising the eight countries that have implemented the deepest recent output reductions.
- UBS analyst Giovanni Staunovo noted that the decision by the V8 group to raise oil output for July is expected to be 411 thousand barrels daily, maintaining the same level as in May and June and exceeding the originally planned increase of 137 thousand barrels.
- OPEC+ aims to regain market share and pressure U.S. Shale producers, but low prices challenge Saudi Arabia's oil-dependent economy and could further reduce global oil prices.
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OPEC+ Reloads for Another Showdown With U.S. Shale
This week, media reports said OPEC+ could announce yet another bigger than initially planned production hike at its next meeting. On the face of it, the goal is getting quota laggards Iraq and Kazakhstan in line. The other goal, according to a new Reuters report, is to try and kill U.S. shale, again. The oil-producing club took U.S. shale on about a decade ago, turning the taps all the way and flooding the market with oil. Prices crashed. So did…
·London, United Kingdom
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Total News Sources63
Leaning Left5Leaning Right10Center14Last UpdatedBias Distribution48% Center
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R 34%
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