Latest news with #oilcartel
Bloomberg
4 days ago
- Business
- Bloomberg
Morgan Stanley Sees Three More OPEC+ Hikes Driving Brent Lower
OPEC+ is set to continue returning production for another three months, which will help drive oil prices lower, according to Morgan Stanley. The eight key members in the cartel that had voluntarily cut output in November 2023 announced a fourth consecutive clawing back of those reductions on Saturday. That would mean the full 2.2 million-barrel-a-day decrease would be unwound by October, Morgan Stanley analysts including Martijn Rats said in a June 2 note.
Bloomberg
22-05-2025
- Business
- Bloomberg
Oil Extends Decline as OPEC+ Considers Another Output Surge
Oil declined for a third day with OPEC+ members discussing another super-sized production increase for July, just as demand faces headwinds from the US-led trade war. Brent traded near $64 a barrel, touching the lowest in a week. If OPEC+ approves the potential increase of 411,000 barrels a day when it meets on June 1, it will mark the third month in a row the cartel has agreed to boost supplies by triple the initially scheduled amount.
