OPEC+ set to approve another oil output increase: Reuters
The seven core members are unwinding 2023 cuts as Brent crude trades near $72 a barrel, Reuters reported.
- On Sunday, Opec+ members are meeting online to evaluate increasing crude oil supply targets for August, with the group expected to continue adding 188,000 barrels per day.
- Middle East conflict and closure of the Strait of Hormuz forced Gulf producers to cut output, with combined production from Saudi Arabia, Iraq, and Kuwait falling by six million barrels per day through May.
- Brent crude prices traded near US$72 per barrel on July 3, down from peaks of more than $120, while Saxo Bank analyst Ole Hansen cautioned that "shut in production takes time to restart."
- Rystad Energy analyst Jorge Leon predicts August will show an accelerated pickup in supply as shipping normalizes, though experts warn a global oil surplus could crash prices next year.
- At the end of the year, Opec+ is scheduled to reassess member quotas based on production capacity, which may address Iraq's request to compensate for shortfalls incurred during the Middle East war.
101 Articles
101 Articles
The Organization of Petroleum Exporting Countries in its expanded OPEC+ format announced this Sunday, July 5, that it will increase its offer by an additional 188,000 barrels of crude oil per day by August, according to an agreement reached at its third meeting following the surprising decision announced in May by the United Arab Emirates to withdraw from the ... Continue reading "OPEC+ will increase its offer by an additional 188,000 barrels pe…
Taipei Times
Business TimesOPEC+ ratifies planned oil quota hike as Gulf flows rebound
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Seven OPEC+ members will raise their oil production quotas following the détente in the Middle East and the normalization of exports.
OPEC+ increasing output as oil prices continue to fall
OPEC+ has agreed to a further increase in output targets from August, the group said in a statement on Sunday, adding to global supply at a time when oil prices are falling amid the gradual reopening of the Strait of Hormuz for oil exports. The oil-producing group agreed during an online meeting to increase quotas...
The OPEC+ oil cartel will increase its oil production again in August. At the same time, the producing countries are keeping open the possibility of further adjusting production depending on market conditions. Source link: https://www.zeit.de/wirtschaft/unternehmen/2026-07/opec-oelproduktion-foerderung-markt Author: DIE ZEIT: Unternehmen – Verena Harzer Publish date: 2026-07-05 13:44:00 Copyright for syndicated content belongs to the linked sour…
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