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Express Tribune
3 days ago
- Business
- Express Tribune
OPEC+ oil producers plan big hike
While the Omicron coronavirus variant is rapidly taking hold, demand-side concerns are easing amid rising evidence that it is less severe than previous variants.. PHOTO: REUTERS Listen to article The world's largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. Having spent years curbing production – more than 5 million barrels a day (bpd) or 5% of world demand – eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July. They are spurring production despite the extra supply weighing on crude prices as group leaders Saudi Arabia and Russia seek to win back market share as well as punish over-producing allies such as Iraq and Kazakhstan. The eight countries held an online meeting on Saturday to set July production. They also discussed other options, an OPEC+ delegate said. On Friday, sources familiar with OPEC+ talks had said they could discuss an even larger hike. In a statement OPEC+ cited a "steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" as its reasoning for the July increase. Its increased supply is weighing on crude prices, squeezing all producers, but some more than others, including a key group of rivals – US shale producers, analysts say. "Three strikes from OPEC+, and none were softballs. May warned, June confirmed, and July fires a shot across the bow," said Jorge Leon, head of geopolitical analysis at Rystad and a former OPEC official. Since April, the OPEC+ eight have now made or announced increases totalling 1.37 million bpd, or 62% of the 2.2 million bpd they aim to add back to the market. Higher summer oil demand favours increasing output at this time, OPEC+ officials including Russian Deputy Prime Minister Alexander Novak have said. Algeria was among a small number of nations that requested a pause in the output hikes on Saturday.
Zawya
27-05-2025
- Business
- Zawya
Oil steady ahead of OPEC+ meeting as trade war concerns ease
LONDON - Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day. Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalise output quotas in an online ministerial meeting on May 28. Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday. OPEC+ members had already agreed to accelerate oil output increases for a second month in June. However, U.S. President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand. Comments by Russia's deputy prime minister and U.S. President Trump's delaying of tariffs against the EU provided support to prices, said PVM analyst Tamas Varga. Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the U.S. over its nuclear programme fail to secure a deal. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.
The Star
27-05-2025
- Business
- The Star
Oil falls as higher OPEC+ output expectations weigh on sentiment
Oil prices slipped for a second session on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week. Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while U.S. West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday. "Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes, senior commodity strategist at ANZ, said in a note. OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day. Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalise output quotas in an online ministerial meeting on May 28. Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday. OPEC+ members had already agreed to accelerate oil output increases for a second month in June. However, U.S. President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand, placing a lid on losses. Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Company (NIOC) said. The price it set for May was a premium of $1.65. Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the U.S. over its nuclear programme fail to secure a deal. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. - Reuters
CNA
27-05-2025
- Business
- CNA
Oil steady ahead of OPEC+ meeting as trade war concerns ease
LONDON : Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase their output at a meeting later this week. Brent crude futures were up 26 cents, or 0.4 per cent, at $65 a barrel by 0920 GMT, while U.S. West Texas Intermediate (WTI) crude rose 25 cents, or 0.4 per cent, to $61.78 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day. Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalise output quotas in an online ministerial meeting on May 28. Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday. OPEC+ members had already agreed to accelerate oil output increases for a second month in June. However, U.S. President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand. Comments by Russia's deputy prime minister and U.S. President Trump's delaying of tariffs against the EU provided support to prices, said PVM analyst Tamas Varga. Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the U.S. over its nuclear programme fail to secure a deal.
Arab News
27-05-2025
- Business
- Arab News
Oil Updates — little changed as higher OPEC+ output expectations weigh on sentiment
LONDON: Oil prices were little changed on Tuesday on increasing expectations members of the Organization of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week. Brent crude futures were up 11 cents, or 0.2 percent, at $64.85 a barrel by 9:40 a.m. Saudi time, while US West Texas Intermediate crude rose 6 cents, or 0.1 percent, to $61.59 a barrel. The WTI contract did not settle on Monday because of the US Memorial Day holiday. 'Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,' Daniel Hynes, senior commodity strategist at ANZ, said in a note. OPEC+ will likely finalize July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day. Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalize output quotas in an online ministerial meeting on May 28. Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday. OPEC+ members had already agreed to accelerate oil output increases for a second month in June. However, US President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand. Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Co. said. The price it set for May was a premium of $1.65. Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the US over its nuclear program fail to secure a deal. If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.
