OPEC+ set for fourth oil quota hike since Hormuz closure: Report
Seven core members are expected to keep quotas rising even as actual output remains constrained by conflict and the United Arab Emirates' exit from OPEC.
- On Sunday, seven core OPEC members—Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman—are expected to approve a fourth consecutive monthly increase, raising July production quotas by roughly 188,000 barrels per day, sources told Reuters.
- Gulf export cuts and the United Arab Emirates' departure from the Organization of the Petroleum Exporting Countries curtailed shipments, causing actual production to fall to about 33.19 million barrels per day in April from 42.77 million in February.
- From April to June, the Seven members increased quotas by almost 600,000 barrels per day, though the June hike was adjusted downward to 206,000 barrels per day to account for the UAE's exit.
- Oil prices fell on Friday as traders gained confidence that renewed conflict involving Iran was growing less likely, with Brent settling at $93.09 a barrel and West Texas Intermediate at $90.54.
- Despite scheduled ministerial meetings beginning Sunday at 12:30 GMT, sources indicated no final decision has been reached on the quota increase, and broader changes to OPEC policy are not expected.
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The OPEC+ group agreed to increase its crude oil production target for the fourth time since the war in Iran erupted, resulting in the closure of the Strait of Hormuz and severely impacting global energy markets.
Vanguard News
Sada El baladOPEC+ approves fourth oil output increase since Hormuz closure
By Udeme Akpan The Organisation of Petroleum Exporting Countries and its allies, also known as OPEC+, has approved the fourth oil output increase since the Hormuz closure crisis.The decision followed renewed commitments by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to support market stability. In a statement issued at the weekend, OPEC stated: “The seven OPEC+ countries, which previously announced additional voluntary adjus…
The Opec+ member states want to produce a little more oil from July onwards. It is said to be almost 200,000 barrels a day. It is a minimal increase in view of global failures.
The OPEC+ alliance, led by Saudi Arabia and Russia, approved on Sunday a fourth consecutive increase in its production quotas, approving an increase of 188,000 barrels per day (bd) by July, despite the fact that the closure of the Strait of Hormuz by the US and Israel war against Iran makes it difficult to increase crude oil exports.The decision was taken by the seven countries that are gradually reversing part of the voluntary cuts applied in 2…
OPEC+ approved a further increase in oil production quotas on Sunday, the fourth in all these months, despite the fact that the war between the United States and Iran continues to limit exports from several Member States. The group decided to increase production targets by 188,000 barrels per day, starting in July, broadcasts CNBC.
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