US EditionOil Prices Fall as Trump Launches “Project Freedom” and OPEC+ Increases Output
- On Sunday, seven major producers increased their June oil production quota by 188,000 barrels per day, aiming to demonstrate organizational continuity after the United Arab Emirates' departure from OPEC+.
- The United Arab Emirates officially withdrew from the Organization of the Petroleum Exporting Countries on Friday, after long-standing disagreements over production quotas chafed at the cartel's constraints.
- While the 188,000-barrel increase aligns with recent 206,000-barrel adjustments from March and April, analysts note that raising quotas on paper may have minimal impact on actual OPEC+ production, which remains below limits.
- Rystad Energy analyst Jorge Leon told AFP on Sunday the quota hike sends a 'two-layer message' of cartel unity, though physical supplies remain constrained by the Strait of Hormuz blockade.
- Leon suggested the increase signals less about physical barrels and more that OPEC+ 'still calls the shots' in global markets, even as the US-Israeli war disrupts oil trade throughout the Gulf region.
33 Articles
33 Articles
Oil Prices Fall as Trump Launches “Project Freedom” and OPEC+ Increases Output
Oil prices edged lower in early Asian trading on Monday after President Trump announced the U.S. would guide ships through the Strait of Hormuz and OPEC+ confirmed a modest output increase. At the time of writing, WTI crude was down 0.65% at $101.30, while Brent crude had dropped 0.39% to $107.80. The President took to social media on Sunday to announce that "Project Freedom" would begin on Monday morning, Middle Eastern time. The project will i…
OPEC+ lifts June output quota amid UAE departure
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates.
OPEC+ member countries increased their oil production quotas as planned on Sunday, without commenting on the departure of the United Arab Emirates.
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