Latest news with #outputincrease
Bloomberg
4 days ago
- Business
- Bloomberg
Saudi Arabia Tightens Grip on OPEC+ by Pushing Through Oil Surge
When Prince Abdulaziz bin Salman was appointed Saudi Arabia's energy minister six years ago, he vowed to heed even the smallest of OPEC+ nations. But at the cartel's meeting this weekend, even the most powerful members couldn't block Riyadh's designs. The kingdom steered the group to agree the third super-sized monthly output hike in a row, despite dissent from a faction led by Russia. The Saudis are doubling down on a historic shift, driving oil prices lower as they seek to punish the alliance's quota cheats and reclaim their share of global markets.
Yahoo
5 days ago
- Business
- Yahoo
OPEC+ set to discuss July oil output hike, may be larger than 411,000 bpd, sources say
By Alex Lawler, Olesya Astakhova and Ahmad Ghaddar LONDON/MOSCOW (Reuters) -OPEC+ meets on Saturday to discuss an increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. The eight members, set to meet online at 0900 GMT, could discuss an increase larger than 411,000 bpd for July, two sources familiar with OPEC+ talks and two OPEC+ delegates said. They could also keep the hike at 411,000 bpd, other sources said. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. "Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. 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 U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23-05-2025
- Business
- Bloomberg
Nakhle: Iran Has Mastered the Skills to Evade Sanctions
Bloomberg has learned that OPEC+ members are discussing making a third consecutive oil production surge in July, to be decided at the group's meeting in just over a week. An output hike of 411,000 barrels a day for July — triple the amount initially planned — is among options under discussion, although no final agreement has yet been reached. Carole Nakhle, CEO of Crystol Energy spoke to Bloomberg's Tom Mackenzie on Horizons Middle East and Africa on the thinking behind this move. (Source: Bloomberg)
