OPEC+ set for fourth oil quota hike since Hormuz closure: Report
Seven core members are likely to add 188,000 barrels per day to July quotas as actual output stays constrained by the U.S.-Iran conflict and the UAE exit.
- 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.
25 Articles
25 Articles
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.
The seven core members of the oil cartel have agreed to produce more than 188,000 barrels of oil a day. It is the fourth increase within four months.
UAE’s OPEC Exit: Implications and Opportunities for India’s Oil Diplomacy
Authors: Edberg D. Cheeran and Agnes Mary Jaison* The United Arab Emirates (UAE) has been operating for more than six decades in the Organization of Petroleum Exporting Countries (OPEC) as a mechanism for collective discipline in global oil markets, influencing and coordinating petroleum policies. In 2016, OPEC+, a wider alliance, was forged to manage global […] The post UAE’s OPEC Exit: Implications and Opportunities for India’s Oil Diplomacy a…
The OPEC+ alliance, led by Saudi Arabia and Russia, has just approved an increase of 188,000 barrels per day (bd) by July, despite the fact that the closure of the Strait of Ormuz by the US and Israel war on Iran makes it difficult to increase crude exports. It is the fourth consecutive increase in its production quotas adopted by the seven countries that are gradually reversing part of the voluntary cuts applied in 2023: Saudi Arabia, Russia, I…
The OPEC+ alliance, led by Saudi Arabia and Russia, approved on Sunday its fourth consecutive increase in pumping quotas. By July, the group set an increase of 188,000 barrels per day (bd), a decision that comes despite difficulties in raising crude oil exports following the closure of the Strait of Ormuz following the war between the United States and Israel against Iran.According to the Organization of Petroleum Exporting Countries (OPEP), the…
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