Latest news with #OPECplus
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
OPEC+ Oil Producers Announce another Big Hike for July
The world's largest group of oil producers, OPEC revealed Saturday another big increase of 411,000 barrels per day for July. Having spent years curbing production - more than 5 million barrels a day (bpd) or 5% of world demand - eight OPEC+ countries made an modest output increase in April before tripling it for May, June and now July. 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, Reuters reported. Algeria was among a small number of nations that requested a pause in the output hikes on Saturday, a source familiar with the matter said. 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 US President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. Global oil demand is expected to grow by an average of 775,000 bpd in 2025, according to a Reuters poll of analysts published on Friday, while the International Energy Agency in its latest outlook saw an increase of 740,000 bpd. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026.
Al Arabiya
3 days ago
- Business
- Al Arabiya
OPEC+ agrees further accelerated oil output hike for July
OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned. In a statement issued after a meeting, 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. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia.
Reuters
23-05-2025
- Business
- Reuters
Kazakhstan sees oil output surpassing plans this year, TASS reports
MOSCOW, May 23 (Reuters) - Kazakhstan will likely exceed its original oil output plans for 2024 of 96.2 million tons due to expansion at the Chevron-led (CVX.N), opens new tab Tengiz field, Energy Minister Erlan Akkenzhenov was quoted as saying, defying pressure from OPEC+. Kazakhstan has cited rising output at Tengiz field as the reason why it has persistently exceeded quotas set by OPEC+, which consists of the Organization of the Petroleum Exporting Countries and allies including Kazakhstan and Russia. Akkenzhenov was quoted by Russian state news agency TASS as telling a podcast late on Thursday that the expansion at Tengiz had been brought forward ahead of schedule this year, raising output there by 25%. Therefore, he said, "we will probably finish the year higher" than the planned production level of 96.2 million tons, which is equivalent to around 2 million barrels per day (bpd). The Kazakh energy ministry did not immediately reply to a request for comment. The country's energy ministry has repeatedly said it is committed to the OPEC+ agreement. Under the latest OPEC+ agreement, Kazakhstan's OPEC+ quota for May rose to 1.486 million bpd from 1.473 million bpd in April. Western oil majors, including Shell (SHEL.L), opens new tab, TotalEnergies ( opens new tab and Eni ( opens new tab, as well as ExxonMobil (XOM.N), opens new tab and Chevron, are active in oil projects in Kazakhstan.
Reuters
22-05-2025
- Business
- Reuters
OPEC+ discusses making another large output hike in July, Bloomberg News reports
May 22 (Reuters) - OPEC+ members are discussing whether to agree on another large production increase at their meeting on June 1, Bloomberg News reported on Thursday. An output hike of 411,000 barrels a day (bpd) for July is among the options under discussion, although no final agreement has yet been reached, the report said, citing delegates. Reuters has previously reported that OPEC+ will accelerate oil hikes and could bring back as much as 2.2 million bpd to the market by November, including via an accelerated increase in July.
Bloomberg
06-05-2025
- Business
- Bloomberg
Kazakhstan Weighs Options to Fulfill Its OPEC+ Cut Obligations
Kazakhstan is considering its options for complying with the country's OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line over the weekend. 'Kazakhstan always was and is committed to OPEC+ agreement,' the Astana-based ministry said on Tuesday in emailed reply to questions. Central Asia's largest oil producer 'is considering all possible options for meeting its commitments.'
