The energy ministers of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman approved increasing crude oil production to 188,000 barrels per day starting in August.

This is the organization’s fifth consecutive increase, amid the ongoing conflict in the Strait of Hormuz, and is a response to the need to stabilize the international market.

The production increases approved by OPEC+ since April have remained largely unimplemented, largely due to the conflict in Iran and despite the recent peace agreement reached with the United States.

The prolonged closure of the Strait of Hormuz has had a devastating impact on regional and international negotiations, and fuel costs have risen drastically, directly affecting the cost of living for citizens.

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With information from national and international media and agencies

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La entrada OPEC+ implements new moderate production increase apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a report last week that Venezuelan crude production grew 3.8% in May, reaching 1.17 million barrels per day.

“So far this year, the country’s oil production, which boasts the world’s largest proven crude oil reserves, has increased by 27.6 %, from 924,000 bpd in January, when the United States maintained a blockade on oil tankers entering and leaving Venezuela.”

During the reporting period, the organization recorded an average daily production of 18.82 million barrels (mbd) of crude oil, “some 9.8 mbd (34%) less than the production in February, before the conflict with Iran and the blockade of the Strait of Hormuz.”

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Source: notitarde

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La entrada Venezuelan crude production grew 3.8 % in May apareció primero en Bitfinance.

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.

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Source: xinhuanet

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

The OPEC+ decision to increase its crude oil supply again on May 1 will likely be largely symbolic, according to analysts, due to the difficulty of implementing it because of the Iran conflict.

In fact, the organization has been unable to implement the April 1 increase due to the conflict in the Middle East, generating concern in the global energy market.

The planned May increase of 206,000 barrels per day was agreed upon on Sunday, April 5, in a teleconference by the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The eight countries issued a statement regarding the attacks on energy infrastructure in the Middle East, noting that “restoring damaged energy assets to full capacity is costly and time-consuming, affecting the overall availability of supply.”

In addition, the signatories expressed their stance on actions against “the security of energy supply, whether through attacks on infrastructure or the disruption of international shipping routes,” which contribute to market volatility and “weaken the collective efforts of the oil alliance to stabilize the market.”

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Source: rtve

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La entrada OPEC+ to increase crude oil supply in May apareció primero en Bitfinance.

The U.S. Energy Information Administration (EIA) forecasts an increase in global oil production of 800,000 barrels per day in 2026, thanks to the prominent role of Argentina, Brazil, and Guyana: three non-OPEC countries that will contribute an average of 400,000 barrels per day.

This projection has not gone unnoticed by the United States, which is currently focusing on South American nations in terms of crude oil supply for this year.

The IEA has stated: “Global crude oil production has been driven by non-OPEC countries, which will increase by 800,000 barrels per day in 2026, with Brazil, Guyana, and Argentina accounting for 400,000 barrels per day of global growth.”

In the case of Brazil, the agency projects a significant increase in crude oil production thanks to the operation of “new floating production, storage, and offloading (FPSO) units designed to exploit deepwater oil resources,” with projects such as the Bacalhau field, developed by the Norwegian company Equinor. This year, it could reach 4 million barrels per day by 2026.

Guyana “stands out for having increased its production tenfold between 2020 and 2025, reaching an average of 750,000 barrels per day,” thanks to discoveries in the Stabroek offshore block, operated by the consortium led by Exxon Mobil, in collaboration with Chevron and the China National Offshore Petroleum Corporation (CNOOC). By last November, production had risen above 900,000 barrels, according to the Department of Energy agency.

“Finally, the EIA focuses its attention on the Argentine case, particularly on the shale oil formation in Vaca Muerta, where the US model employing fracking or hydraulic fracturing technology is being adopted.”

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Source: elinformador

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La entrada Brazil, Guyana, and Argentina stand out as key suppliers of oil in 2026, according to the IEA apareció primero en Bitfinance.

According to an announcement issued by OPEC+ this Sunday, January 4, the oil alliance led by Saudi Arabia and Russia will maintain a stable crude oil supply at least until April.

The group of oil-producing countries announced the measure without indicating they will take any precautions regarding potential market turbulence following the US military intervention in Venezuela.

The energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman announced the measure in a teleconference on Sunday, according to a statement published on the website of the Vienna-based Organization of the Petroleum Exporting Countries (OPEC).

The announcement comes in reference to the voluntary production cuts agreed upon in 2023, and in April 2025, these countries “began to gradually reverse those reductions with monthly increases that represented a strategic shift to recover lost market share.”

The group of eight countries still needs to complete a little over one million barrels per day to dismantling the voluntarily cut volumes (one of 2.2 million barrels per day and another of 1.65 million barrels per day), but in November decided to pause monthly increases during the first quarter of 2026, a measure that the ministers reaffirmed on Sunday.

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Source: intereconomia

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La entrada OPEC+ announces stable crude oil supply until April apareció primero en Bitfinance.

OPEC+ announced that it will maintain its current global oil supply levels until April 1, 2026. The production cuts established in 2022 will also remain in effect, but only until December 31 of the same year.

The alliance, led by Saudi Arabia and Russia, made the decision last Sunday, November 30, following the results of the previous ministerial conference and confirmed by the energy ministers of the 22 member countries.

The measure, approved in a teleconference, was published on the website of the Organization of the Petroleum Exporting Countries (OPEC). Participants clarified that the decision “does not include any potential increases in production that eight of its members might agree upon, given that these nations aim to finish returning to the market the barrels they voluntarily withdrew in 2023 and 2024 to support prices.”

With the implementation of the agreement, this month “they will have increased their supplies by about 2.9 million barrels per day (mbd), which represents approximately 2.8 % of global production.”

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Source: murciaplaza

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La entrada OPEC+ maintains oil supply levels apareció primero en Bitfinance.

Starting in December, OPEC+ will increase its crude oil supply to the market to 137,000 barrels per day, marking the organization’s ninth consecutive increase.

The decision was announced this Sunday, November 2, by the ministers of eight countries in the OPEC+ alliance, led by Saudi Arabia and Russia, who indicated that there will be no monthly increases between January and March 2026.

The measure was taken considering “a stable global economic outlook and current healthy market fundamentals, reflected in low oil inventories,” according to a statement issued in Vienna by the Organization of the Petroleum Exporting Countries (OPEC).

It was learned that the increase in oil supply will be applied “starting with the 1.65 million barrels per day (mbd) of additional voluntary adjustments announced in April 2023.”

The eight countries reiterated the importance of adopting a prudent approach and maintaining the flexibility to continue pausing or reversing the additional voluntary production adjustments.

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Source: notitarde

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La entrada OPEC+ agreed to increase oil supply starting in December apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) announced that it will maintain its projections for increased global crude oil demand in 2025 and 2026, with increases of 1.25 % and 1.31 %, respectively.

According to the October monthly report, “OPEC reiterates its optimistic view regarding the evolution of crude oil consumption, which is supported by the forecast that the global economy will grow solidly, around 3 %, both this year and next.”

The organization estimates that global crude oil demand for the remainder of 2025 will be 105.14 million barrels per day (mbd) and 106.52 mbd in 2026, “an increase of 1.38 mbd compared to this year.”

“Transportation fuels are expected to drive growth in global oil demand this year, with jet fuel growing by around 380,000 bpd year-over-year,” the report details.

Of this figure, nearly 120,000 bpd corresponds to industrialized countries. “Meanwhile, in all other petroleum product categories, except liquefied natural gas (LNG), consumption has not yet returned to the levels it was in 2019, before the COVID pandemic.”

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Source: elperiodicodelaenergia

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La entrada OPEC maintains global demand forecast for this year and 2026 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.

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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.