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Business Recorder
31 minutes 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
31 minutes 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.
Bloomberg
an hour ago
- Business
- Bloomberg
OPEC+ Agrees on Third Oil Supply Surge to Deepen Price Slump
OPEC+ agreed to surge oil output by 411,000 barrels a day for the third month in a row, doubling down on a historic policy shift that has sent crude prices sinking. Key nations led by Saudi Arabia agreed during a video-conference on Saturday to add that amount to the market in July, according to delegates. The hike follows equally sized increases scheduled for May and June, which broke with years of efforts by the group to support global oil prices and dragged crude to a four-year low.
Bloomberg
2 hours ago
- Business
- Bloomberg
OPEC+ Supply Hike of 411,000 Barrels a Day is Main Scenario
An OPEC+ supply increase of 411,000 barrels a day in July is the main scenario for talks on Saturday, delegates said. A larger production hike remains a possibility, one delegate said, asking not to be named because the information isn't public. A video conference between the Organization of the Petroleum Exporting Countries and its allies was scheduled to start at 11 a.m. Vienna time, delegates said.
Time of India
2 hours 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.
