Latest news with #OPECplus


Zawya
3 hours ago
- Business
- Zawya
Saudi Arabia crude exports hit three-month high in May
Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter rose to 6.191 million barrels per day (bpd) from 6.166 million bpd in April. Saudi's crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April. Saudi refineries' crude throughput was at 2.721 million bpd, up 0.017 million bpd from April's 2.704 million bpd, the data showed, while direct crude burning increased by 112,000 bpd to 489,000 bpd. Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website. The OPEC+ group comprising OPEC and allies such as Russia, this month agreed to raise production by 548,000 bpd in August, further accelerating output increases at its first meeting since oil prices jumped and then retreated after Israeli and U.S. attacks on Iran. Five sources familiar with the discussions said that OPEC+ is likely to approve a further increase for September when it meets on August 3. OPEC+ began to unwind cuts of 2.17 million bpd in April with a boost of 138,000 bpd, followed by further increases in May, June and July despite falling oil prices. Meanwhile, Saudi Arabia's energy ministry said the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.


Arab News
3 hours ago
- Business
- Arab News
Saudi crude exports rise to 6.2m bpd: JODI
RIYADH: Saudi Arabia's crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. This marks a continuation of the Kingdom's phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August. The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc's formal policy, with Saudi Arabia playing a leading role. This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. Saudi Arabia's refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.


Reuters
4 hours ago
- Business
- Reuters
Saudi Arabia crude exports hit three-month high in May
July 21 (Reuters) - Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter rose to 6.191 million barrels per day (bpd) from 6.166 million bpd in April. Saudi's crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April. Saudi refineries' crude throughput was at 2.721 million bpd, up 0.017 million bpd from April's 2.704 million bpd, the data showed, while direct crude burning increased by 112,000 bpd to 489,000 bpd. Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website. The OPEC+ group comprising OPEC and allies such as Russia, this month agreed to raise production by 548,000 bpd in August, further accelerating output increases at its first meeting since oil prices jumped and then retreated after Israeli and U.S. attacks on Iran. Five sources familiar with the discussions said that OPEC+ is likely to approve a further increase for September when it meets on August 3. OPEC+ began to unwind cuts of 2.17 million bpd in April with a boost of 138,000 bpd, followed by further increases in May, June and July despite falling oil prices. Meanwhile, Saudi Arabia's energy ministry said the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.


Zawya
5 days ago
- Business
- Zawya
Opec's Secretary General calls for $18.2trln investment in O&G
The oil and gas sector needs $18.2 trillion in investments by 2050 to meet future demand, according to Haitham Al Ghais, Opec Secretary General. He stated that oil and gas are essential pillars for a stable and secure energy future, and that the world must invest now to be prepared for what lies ahead. Al Ghais made these comments in an interview with Energy Connects during the 9th Opec International Seminar, in Vienna, Austria. He pointed out that global energy demand was projected to increase by 23 per cent by 2050, with oil demand expected to reach 123 million barrels per day (bpd). He stressed that this growth necessitates substantial investments to ensure energy security, affordability, and reliability while addressing emissions from all sources. The theme of this year's seminar, 'Charting Pathways Together', underscored the importance of collective action in an increasingly fragmented energy landscape. Al Ghais highlighted Opec's commitment to unity, stating: "This is one planet we are living on. It's our planet." He called for a collaborative approach to energy issues, emphasising the need to care for the planet and work together to tackle challenges. Looking ahead, he reflected on the nearly 10-year journey of the Opec+ coalition, which will celebrate its anniversary in December 2026. He affirmed that the unity and cohesiveness within the coalition have never been stronger, with a shared goal of maintaining energy market stability, a vital aspect for the global economy. During the seminar, Al Ghais unveiled the World Oil Outlook 2025, presenting data-driven insights that challenge the narrative of an imminent decline in oil demand. He noted that the updated report indicated an increase in oil demand growth, projecting oil consumption at 123 million bpd by 2050. This reflects a shift in global policies, moving away from overly ambitious net-zero targets and recognising the ongoing necessity of oil in the energy mix, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (


Al Mayadeen
6 days ago
- Business
- Al Mayadeen
Turkey to supply natural gas to Syria after grid connection
Turkish Energy Minister Alparslan Bayraktar announced on Wednesday that Turkey has officially connected its natural gas grid to Syria's infrastructure and is preparing to supply gas to its southern neighbor. The move marks a significant step in Ankara's bid to expand energy cooperation across the region. 'We are going to be able to give gas for power generation to Syria and hopefully to normalize life in Syria,' Bayraktar said during his remarks at the 9th OPEC International Seminar, currently being held in Vienna. 'I think the interconnectivity and infrastructure investment are quite crucial,' he added. Bayraktar emphasized that Turkey is actively seeking partners to support the project, hinting at a larger regional strategy to leverage energy development for economic and political stabilization in Syria, which has been devastated by over a decade of war. The ninth OPEC International Seminar runs from July 9–10 in Vienna and gathers major energy stakeholders from across the globe. OPEC+ is preparing to approve a larger-than-expected increase in oil production next month, signaling a decisive shift away from years of output restraint despite mounting fears of a global oversupply, Bloomberg reported. According to delegates familiar with the matter, the alliance, led by Saudi Arabia and including Russia, plans to boost output by approximately 550,000 barrels per day at a virtual meeting scheduled for Saturday. The move surpasses the group's previously planned hikes of 411,000 barrels per day for May, June, and July. The planned August increase marks a significant pivot for OPEC+, which has surprised markets since April by ramping up production more aggressively than anticipated. The shift comes at a time of high global inventory levels and slowing demand growth, especially from China, raising questions about the group's long-term strategy. One delegate told reporters the accelerated production ramp-up aims to 'take advantage of stronger demand' during the northern hemisphere's summer months. The group is also under pressure to reclaim lost market share, particularly from US shale producers, and to enforce discipline among members that have exceeded their quotas in recent months. Officials cite multiple reasons for the strategic shift, including the need to meet peak seasonal demand, enforce compliance among members exceeding their output quotas, and expedite the return of previously offline production. Saudi Arabia, in particular, is reportedly pushing to restore withheld barrels as swiftly as possible. If approved, the planned hike would bring OPEC+ significantly closer to reinstating 2.2 million barrels per day of suspended output by September. Another similar increase may be considered for the following month, with potential production targets for September also expected to be on the meeting agenda.