Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in a virtual meeting last Sunday, during which they agreed to increase oil production by 188,000 barrels per day next month.  

This marks the fourth consecutive month that OPEC+ has increased its production, “despite the United Arab Emirates’ departure from OPEC on May 1 and the dissolution of the broader OPEC+ alliance.”

The adjustment announced by these seven OPEC+ countries is part of their “collective commitment to support oil market stability,” according to a statement.

A meeting of these seven countries is scheduled for July 5 to make further decisions. However, they have indicated that they will maintain full flexibility to adjust their production according to market conditions.

M.Pino

Source: xinhuanet

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La entrada OPEC+ to increase oil production in July apareció primero en Bitfinance.

Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

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La entrada OPEC+ agreed to increase production to 137,000 barrels per day in October apareció primero en Bitfinance.

The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

(Reference image source: Christian Harb on Unsplash)

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La entrada OPEC+ members agreed to increase production apareció primero en Bitfinance.