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OPEC+ and oil executives deliver optimism from Vienna

OPEC+ and oil executives deliver optimism from Vienna

The National10-07-2025
The OPEC International Seminar, held biennially, has brought together oil ministers and industry heavyweights from Saudi Aramco and Kuwait Petroleum Corporation to the chief executives of Shell, British Petroleum (BP), and TotalEnergies. This year's gathering unfolded amid one of the most volatile geopolitical backdrops in decades. Yet, ministers struck a calm tone as OPEC+ confirmed a 548,000 bpd production hike starting August. Markets barely flinched while headlines touted rising output, the actual flow of barrels — especially from core 'V8' producers — remains uncertain. Independent oil companies were bullish. TotalEnergies CEO Patrick Pouyanné noted China's demand growth has slowed from 785,000 barrels per day (bpd) to 300,000 bpd, but India is picking up the slack. Global demand still grows at 0.8–1% per year. UAE Oil Minister Suhail Al Mazrouei emphasized OPEC+'s deep market knowledge and defended its strategy, saying others had benefited from the group's restraint. Crescent Petroleum CEO Majid Jafar was struck by the market's resilience following the Iran-Israel flare-up, and expressed relief at the renewed strength in UAE–US ties. Despite analyst confusion over why crude isn't sinking to the $50s, the market is pricing in tightness through year-end. But risks loom — chiefly a U.S. policy misstep, like tariffs, that could trigger a broader slowdown.
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