Latest news with #OPEC-designated
Kuwait Times
a day ago
- Business
- Kuwait Times
Saudi complying fully with voluntary OPEC+ target: Energy ministry
RIYADH: Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota. The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430,000 barrels to reach 9.8 million barrels, compared to the kingdom's implied OPEC+ target of 9.37 million bpd. OPEC+ decided to stop using IEA data in 2022, in a decision driven by Saudi Arabia. 'While production briefly exceeded supply, the additional volumes were not marketed domestically or internationally but redirected as a contingency measure', the Saudi energy ministry said in its statement. The ministry explained in the statement that the brief excess in production would be redirected as a contingency measure to build domestic inventories, optimize east-west flows and reposition barrels to offshore storage hubs under long-term delivery strategies. 'The Kingdom reports both production and supply data with full transparency to the OPEC secretariat on a monthly basis,' the energy ministry statement said. 'Furthermore, all eight OPEC-designated secondary sources were formally briefed at the beginning of this week regarding the June figures.' OPEC+ agreed on Saturday to increase oil production by 548,000 barrels per day in August, surpassing the 411,000-barrel-per-day hikes implemented over the previous three months. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as US President Donald Trump demanded the group pump more to help keep gasoline prices lower. The production boost will come from eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. The eight started to unwind their most recent layer of cuts of 2.2 million bpd in April. Meanwhile, Russia intends in August and September to fully compensate for previously producing oil in excess of its OPEC+ quota, in line with the existing plan, Interfax news agency quoted Deputy Prime Minister Alexander Novak as saying on Friday. Novak was also quoted as saying that the government was still discussing a possible complete gasoline export ban and that the decision depended on market prices in the next few days. Russia has to compensate for overproducing a cumulative 691,000 barrels per day since April. Speaking about a potential full gasoline export ban, Novak said the government would study the fuel market in the next few days to understand if such a measure was warranted. Currently, there are restrictions only for a small portion of gasoline exports by resellers, while oil companies still have licenses to sell the fuel abroad. The restrictions are in place until August 31. Russia produces around 44 million metric tons of gasoline per year. Egypt and Turkey are the main importers of the Russian fuel. According to the sources, Russia increased gasoline exports in the first quarter 2025 by almost 1.5 times, year on year, to around 2.4 million tons. — Reuters
Gulf Insider
a day ago
- Business
- Gulf Insider
Saudi Arabia Reaffirms OPEC+ Compliance As June Crude Supply Hits 9.35 Million bpd
Saudi Arabia's Ministry of Energy has confirmed that the Kingdom remained fully compliant with its voluntary OPEC+ production targets in June, with marketed crude oil supply averaging 9.352 million barrels per day. The figure reflects complete alignment with the agreed quota, underscoring Saudi Arabia's ongoing commitment to oil market stability. Amid elevated geopolitical tensions, the Kingdom emphasized that it acted prudently and preemptively in managing its energy output. The Ministry described Saudi Arabia's role as that of a reliable, transparent, and dependable energy supplier, reinforcing the country's efforts to enhance supply chain resilience and support global energy security. Although crude production briefly exceeded marketed supply, the additional volumes were not sold either domestically or internationally. Instead, they were managed as part of a broader contingency strategy. These volumes were directed toward building domestic inventories, improving east-west crude flow optimization, and repositioning barrels to offshore storage hubs under long-term delivery strategies designed to enhance flexibility and responsiveness. The Ministry further stressed that all production and supply figures are reported to the OPEC Secretariat on a monthly basis with full transparency. In addition, all eight OPEC-designated Secondary Sources were formally briefed at the start of the week regarding the June data, reaffirming the Kingdom's commitment to transparency and cooperation within the OPEC+ framework.
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Saudi Arabia reaffirms OPEC+ compliance as June crude supply hits 9.35 million bpd
Saudi Gazette report RIYADH — Saudi Arabia's Ministry of Energy has confirmed that the Kingdom remained fully compliant with its voluntary OPEC+ production targets in June, with marketed crude oil supply averaging 9.352 million barrels per day. The figure reflects complete alignment with the agreed quota, underscoring Saudi Arabia's ongoing commitment to oil market stability. Amid elevated geopolitical tensions, the Kingdom emphasized that it acted prudently and preemptively in managing its energy output. The Ministry described Saudi Arabia's role as that of a reliable, transparent, and dependable energy supplier, reinforcing the country's efforts to enhance supply chain resilience and support global energy security. Although crude production briefly exceeded marketed supply, the additional volumes were not sold either domestically or internationally. Instead, they were managed as part of a broader contingency volumes were directed toward building domestic inventories, improving east-west crude flow optimization, and repositioning barrels to offshore storage hubs under long-term delivery strategies designed to enhance flexibility and Ministry further stressed that all production and supply figures are reported to the OPEC Secretariat on a monthly basis with full addition, all eight OPEC-designated Secondary Sources were formally briefed at the start of the week regarding the June data, reaffirming the Kingdom's commitment to transparency and cooperation within the OPEC+ framework.
