Latest news with #HelimaCroft
Business Recorder
3 days ago
- Business
- Business Recorder
OPEC+ discusses July oil output hike, focus on 411,000 bpd, sources say
LONDON/MOSCOW: OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. OPEC+ may discuss oil output hike larger than 411,000 bpd for July 'Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase,' said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
CNBC
3 days ago
- Business
- CNBC
OPEC+ discusses July oil output hike, focusing on 411,000 barrels per day, sources say
OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. "Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
Time of India
3 days ago
- Business
- Time of India
OPEC+ set to discuss July oil output hike, may be larger than 411,000 bpd, sources say
OPEC+ is convening on Saturday to deliberate on a potential increase in oil output for July, exceeding the 411,000 barrels per day rise implemented in May and June. Sources indicate that eight OPEC+ nations, including Saudi Arabia and Russia, are considering a larger hike. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads OPEC+ meets on Saturday to discuss an increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has eight members, set to meet online at 0900 GMT, could discuss an increase larger than 411,000 bpd for July, two sources familiar with OPEC+ talks and two OPEC+ delegates said. They could also keep the hike at 411,000 bpd, other sources sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so."Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
CNBC
5 days ago
- Business
- CNBC
RBC's Helima Croft on oil: Here are the major negotiations to monitor
Helima Croft, RBC Capital Markets, joins 'Power Lunch' to discuss the latest news regarding the oil and gas sectors.
Observer
22-05-2025
- Business
- Observer
Oil prices fall 1% on potential OPEC+ increase
LONDON:Oil prices fell 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures fell 64 cents, or 1%, to $64.27 a barrel by 0800 GMT. US West Texas Intermediate crude dropped 59 cents, or 1%, to $60.98. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported. An increase of 411,000 barrels per day (bpd) for July is among the options under discussion, though no final agreement has been reached, the report said, citing delegates. "We're seeing the market reacting to evidence that OPEC is letting go of a strategy to defend price in favour of market share," said Harry Tchiliguirian at Onyx Capital Group. "It's a bit like taking off a Band-Aid; you do it in one fell swoop." OPEC+ has been in the process of unwinding output cuts, with additions to the market in May and June, and Reuters has previously reported that the group could bring back as much as 2.2 million bpd by November. In a note on Wednesday, RBC Capital analyst Helima Croft said that a 411,000 bpd increase from July is the "most likely outcome" from the meeting, primarily from Saudi Arabia. "A key question will be whether the voluntary cut will be fully drawn down before the leaves turn brown in many parts of the world, in line with the original taper schedule," she said. Prices were already lower in the session after Energy Information Administration data released on Wednesday showed US crude and fuel inventories showed surprise stock builds last week as crude imports hit a six-week high and gasoline and distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a drawdown of 1.3 million barrels. The EIA's surprise stock builds will exert downward pressure on prices, particularly on WTI, said Emril Jamil at LSEG Oil Research, adding that this could further encourage more US exports to Europe and Asia. While OPEC+ deliberates, a rising yield on 10-year US Treasury bonds suggests that the producer group could be increasing oil supply into a market with lower demand.— Reuters
