OPEC+ set to agree July oil output hike this week, sources say
LONDON/DUBAI, May 27 (Reuters) - OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share.
When the 22-member group meets on Wednesday to review the market, it is not expected to change policy, the sources said.
But they said they expected an output hike to be agreed for July when the eight OPEC+ members meet on Saturday.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed three layers of output cuts since 2022 to support the market, two of which are in place until the end of next year.
Eight members began unwinding the most recent layer in April, and for May and June made larger-than-expected hikes of 411,000 barrels per day.
Three OPEC+ sources told Reuters the eight members at their meeting on Saturday may decide on a similar 411,000 bpd output hike for July. All sources declined to be identified by name due to the sensitivity of the matter.
"We assign a high probability to another sizeable output increase of 411,000 bpd," SEB analyst Ole Hvalbye said. "However, this potential hike seems largely priced in already," he added.
United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked about the plan for July output on Tuesday, said OPEC+ was doing its best to balance the oil market and needed to be mindful of rising demand.
Oil fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns of global economic weakness. Since then it has recovered to about $65.
Earlier this month, sources told Reuters that the eight countries, in addition to another 411,000 bpd output hike for July, may unwind the remainder of their voluntary hikes by the end of October.
Wednesday's talks are scheduled to begin at 1300 GMT, the sources said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
42 minutes ago
- Finextra
BCP launches British pound stablecoin
BCP Technologies has launched the first British pound-backed stablecoin from an FCA-registered crypto issuer. 0 BCP's tokenised GBP (tGBP) is backed 1:1 by reserves held in a segregated account at a UK-regulated financial institution and is fully redeemable for sterling at any time. BCP says the stablecoin is now live after more than a year-long review process, including a month in the FCA's regulatory sandbox. As the stablecoin market heats up, the firm is hoping to take advantage of the fact that GBP options have so far been limited, typically issued by offshore entities with low liquidity. It says that tGBP uses the reliability of UK financial infrastructure for the minting and redeeming process and has the flexibility and speed of blockchain technology. Benoit Marzouk, CEO, BCP Technologies, says: "tGBP supports a broad range of use cases: GBP self-custody for retail and corporates to bring an alternative from banks (and their inherent fractional reserve risk), cross-border payments, institutional collateral management, a GBP option for DeFi lending protocols and a GBP on-chain access for bitcoin-backed loans. "It might also be used in the future as the main GBP rail for settling tokenised assets like bonds, securities, or real estate."
Reuters
an hour ago
- Reuters
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
TOKYO, June 4 (Reuters) - Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
Daily Mail
an hour ago
- Daily Mail
Revealed: Rolex thief, 18, who threatened to behead Aled Jones with a machete went on to attack Bridgerton star
A Rolex thug, who threatened to behead Welsh chorister Aled Jones with a machete and later went on to attack a Bridgerton star, was released from youth detention early. Zacariah Boulares served only 14 months out of his original 24-month detention after carrying out a terrifying attack against the Welsh chorister in Chiswick, west London in July 2023. The Algerian national threatened the 54-year-old with a 20-inch blade, demanding the 'f***king Rolex' on the singer's arm, while threatening to cut his limb off. Boulares could not be named at the time due to his age. After the terrified baritone gave the menacing youth his £17,000 Dayton, Boulares later said he would 'cut [Jones's] head off' if the Songs of Praise star continued to follow him. The now 18-year-old appeared late to magistrates court late several times before he eventually pleaded guilty to robbery and possession of an offensive weapon at Wimbledon Youth Court. It was also heard the youngster had also stolen a £20,000 gold Rolex from a pensioner. His record was dubbed 'appalling' by Chairman of the bench Rex Da Roach. A Detention and Training Order (DTO) can be handed to teenagers between the ages of 12 and 17, where they serve half of their time in custody and are later supervised, by a Youth Offending Team. However after only 14 months the Algerian national was freed, and later went on to commit a spate of crimes, including robbing Bridgerton actress, Genievieve Chenneour of her phone last February. The 18-year-old pleaded guilty to stealing the phone when he appeared before Westminster Magistrates Court in May. Ms Chennour was left 'concussed and traumatised' by the ordeal. He also pleaded guilty to common assault against Carlo Kurcishi, another customer in the same cafe, as well as a separate charge of theft after taking a black leather handbag at a pizza restaurant. Magistrates were told he had 12 previous convictions for 28 offences, all relating to theft. The defendant has now been remanded into custody with sentencing scheduled for June 17 at Isleworth Crown Court in west London. The actress, who appeared in season three of the Netflix hit show as rumour-monger Clara Livingston, told the Mail on Sunday this month: 'They didn't expect me to stand up for myself – but I did.' Chenneour has previously spoken of the terrifying moment she fought off the teenage thug who set upon her while she was walking her dog. The actress, who appeared in season three of the Netflix hit show as rumour-monger Clara Livingston, told the Mail on Sunday this month: 'They didn't expect me to stand up for myself – but I did.' The robbery happened when Yorkshire-born Genevieve had stopped at a branch of Joe & The Juice in west London last February. She said: 'I was left with a concussion just before the Screen Actors Guild Awards and since then, I've felt constantly on edge. 'Even my dog was traumatised - now, if anyone touches me, he panics and tries to protect me. 'Getting a coffee shouldn't be something you need your wits about you for. 'I'm so grateful to the staff at Joe & The Juice – they were incredible during the incident and when I went back to see them after.' More than 70,000 phones were snatched in London in 2024, out of an estimated 100,000 thefts across the UK. A A source was previously quoted as saying: 'Genevieve showed real bravery throughout. It was a very shocking incident. 'It shows what is happening on London's streets on a daily basis. 'This was just another young woman going about her daily business. She's handled it brilliantly.' Chenneour is a former athlete who joined Team GB's artistic swimming team at the age of 15. She was awarded an Olympic scholarship before the 2016 Games in Rio de Janeiro, but her sporting career was cut short by injury and she retrained as an actress. After appearing as a stunt double in the underwater sequences of period feature Gateway To The West, she landed her breakthrough role in the Regency drama.
