OPEC's next move: Market control or higher market share?
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Yahoo
3 hours ago
- Yahoo
OPEC+ agrees big output hike to finish unwinding round of cuts
(Bloomberg) — OPEC+ agreed on another bumper oil production increase for September, completing its current tranche of supply revival one year early as the group moves to reclaim its share of global crude markets. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance Saudi Arabia and its partners agreed on a video conference to add about 548,000 barrels a day next month, delegates said. This completes the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased by the United Arab Emirates. Another layer of about 1.66-million barrels of halted output will be reviewed by the end of December, one of the delegates said. The latest hike caps a dramatic shift from the Organization of the Petroleum Exporting Countries and its partners from defending prices to opening the taps, which has helped put a lid on oil and gasoline futures in the face of geopolitical tensions and strong seasonal demand, offering some relief for drivers and a win for US President Donald Trump. The accelerated increases have helped fuel expectations for a global supply surplus later in the year. Sunday's decision, confirming an agreement in principle first reported on Saturday by Bloomberg, also comes as President Trump intensifies diplomatic pressure on OPEC+ co-leader Russia. Trump has threatened Moscow with secondary tariffs on its oil customers unless there is a swift ceasefire in the war in Ukraine. A disruption to Russian flows would threaten to drive up crude prices and run counter to Trump's repeated call for cheaper oil, as he pushes the Federal Reserve to lower interest rates. Russia's Deputy Prime Minister Alexander Novak made a rare visit to Riyadh on Thursday to discuss 'cooperation between the countries' with Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. The two countries have jointly led OPEC+ since its creation almost a decade ago. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
OPEC+ Agrees Big Output Hike to Finish Unwinding Round of Cuts
(Bloomberg) -- OPEC+ agreed on another bumper oil production increase for September, completing its current tranche of supply revival one year early as the group moves to reclaim its share of global crude markets. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance Saudi Arabia and its partners agreed on a video conference to add about 548,000 barrels a day next month, delegates said. This completes the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased by the United Arab Emirates. Another layer of about 1.66-million barrels of halted output will be reviewed by the end of December, one of the delegates said. The latest hike caps a dramatic shift from the Organization of the Petroleum Exporting Countries and its partners from defending prices to opening the taps, which has helped put a lid on oil and gasoline futures in the face of geopolitical tensions and strong seasonal demand, offering some relief for drivers and a win for US President Donald Trump. The accelerated increases have helped fuel expectations for a global supply surplus later in the year. Sunday's decision, confirming an agreement in principle first reported on Saturday by Bloomberg, also comes as President Trump intensifies diplomatic pressure on OPEC+ co-leader Russia. Trump has threatened Moscow with secondary tariffs on its oil customers unless there is a swift ceasefire in the war in Ukraine. A disruption to Russian flows would threaten to drive up crude prices and run counter to Trump's repeated call for cheaper oil, as he pushes the Federal Reserve to lower interest rates. Russia's Deputy Prime Minister Alexander Novak made a rare visit to Riyadh on Thursday to discuss 'cooperation between the countries' with Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. The two countries have jointly led OPEC+ since its creation almost a decade ago. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 hours ago
- Bloomberg
OPEC+ Agrees Big Output Hike to Finish Unwinding Round of Cuts
OPEC+ agreed on another bumper oil production increase for September, completing its current tranche of supply revival one year early as the group moves to reclaim its share of global crude markets. Saudi Arabia and its partners agreed on a video conference to add about 548,000 barrels a day next month, delegates said. This completes the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased by the United Arab Emirates.
