Latest news with #delegates
Bloomberg
3 days 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.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Opec+ may discuss 2027 baselines and agree July hike this week
Opec+ has agreed three layers of output cuts since 2022. (EPA Images pic) LONDON : Opec+ may discuss issues around its baselines for 2027 production at its meeting today, two delegates from the group said, while separate talks due on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines – production levels from which each member makes cuts or increases – for the last few years. Baseline issues are controversial because some members such as the UAE and Iraq have increased their oil production capacity, pressing the case for higher quotas, while others such as African members have seen declines. 'The 22-member group is likely to ask Opec headquarters today to prepare a mechanism to help establish the baseline assessment for 2027,' one of the delegates said. 'That meeting is not expected to change output policy,' Opec+ sources said. 'On Saturday, the eight Opec+ members who are in the process of gradually raising output are set to meet and may agree an output hike for July of 411,000 barrels per day (bpd), the same as in May and June,' the delegates said. Opec+ has agreed three layers of output cuts since 2022. Two of these are in place until the end of 2026 and one is currently being unwound by the eight members. The 2027 baselines in theory could feature in production policy when all output cuts currently in place expire. In April, eight Opec+ members began to unwind the group's most recent layer of output cuts, and for May and June made larger-than-expected hikes of 411,000 barrels per day. Opec+ sources have told Reuters the eight members at their meeting on Saturday may decide on a similar 411,000 bpd output hike for July. All sources declined to be identified by name due to the sensitivity of the matter. Oil fell to a four-year low in April below US$60 per barrel after Opec+ said it was accelerating its output hike in May and as US President Donald Trump's tariffs raised concerns of global economic weakness. Since then it has recovered to about US$65. Earlier this month, sources told Reuters that the eight countries, in addition to another 411,000 bpd output hike for July, may unwind the remainder of the most recent cut by the end of October.
Zawya
6 days ago
- Business
- Zawya
OPEC+ may discuss 2027 baselines and agree July hike this week, sources say
OPEC+ may discuss issues around its baselines for 2027 production at its meeting on Wednesday, two delegates from the group said, while separate talks due on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines - production levels from which each member makes cuts or increases - for the last few years. Baseline issues are controversial because some members such as the United Arab Emirates and Iraq have increased their oil production capacity, pressing the case for higher quotas, while others such as African members have seen declines. The 22-member group on Wednesday is likely to ask OPEC headquarters to prepare a mechanism to help establish the baseline assessment for 2027, one of the delegates said. That meeting is not expected to change output policy, OPEC+ sources have said. On Saturday, the eight OPEC+ members who are in the process of gradually raising output are set to meet and may agree an output hike for July of 411,000 barrels per day, the same as in May and June, the delegates said. OPEC+ has agreed three layers of output cuts since 2022. Two of these are in place until the end of 2026 and one is currently being unwound by the eight members. The 2027 baselines in theory could feature in production policy when all output cuts currently in place expire. In April, eight OPEC+ members began to unwind the group's most recent layer of output cuts, and for May and June made larger-than-expected hikes of 411,000 barrels per day. OPEC+ sources have told Reuters the eight members at their meeting on Saturday may decide on a similar 411,000 bpd output hike for July. All sources declined to be identified by name due to the sensitivity of the matter. Oil fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns of global economic weakness. Since then it has recovered to about $65. Earlier this month, sources told Reuters that the eight countries, in addition to another 411,000 bpd output hike for July, may unwind the remainder of the most recent cut by the end of October. (Reporting by Alex Lawler, Ahmad Ghaddar, Olesya Astakhova, Maha El Dahan and Yousef Saba; Editing by Emelia Sithole-Matarise)
Bloomberg
6 days ago
- Business
- Bloomberg
OPEC+ Gathers for Quota Review Before Decision on July Output
OPEC+ will gather online on Wednesday to review production quotas for this year and next, before eight key members decide at the weekend whether to bolster output again in July. Several delegates said they expect the Organization of the Petroleum Exporting Countries and its partners to leave their longer-term targets for 2025 and 2026 — which underpin its current supply restraints — unchanged.
Bloomberg
26-05-2025
- Business
- Bloomberg
OPEC+ Moves July Output Call by One Day to May 31, Delegates Say
By , Nariman Gizitdinov, and Salma El Wardany Save OPEC+ brought forward a video-conference that will decide July oil production levels for eight key members by one day to May 31, delegates said. The eight-nation sub-group led by Saudi Arabia and Russia held preliminary talks last week on making another bumper output increase of about 411,000 barrels a day for a third consecutive month, to be finalized during its conference call. One delegate, who asked not to be identified, said the date change was simply a reflection of scheduling issues.
