Tag: JOINT ACTION

Markets are thirsty for more oil, OPEC+ and oil majors say

The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated

OPEC+ speeds up oil output hikes, adds 548,000 bpd in August

OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran

OPEC oil output rises less than expected in May

The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.75 million barrels per day (bpd) last month, 150,000 bpd more than in April, according to the survey, with Saudi Arabia posting the largest increase

OPEC+ oil producers stick to their guns with another big hike for July

The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers

Oil prices dip slightly ahead of OPEC+ meeting

Oil prices traded slightly lower as investors largely stayed on the sidelines ahead of a highly anticipated OPEC+ meeting that could offer key signals about future supply levels

Novak: No discussions yet on OPEC+ output increase

Russian Deputy Prime Minister Alexander Novak stated that the OPEC+ group has not yet discussed increasing oil production by an additional 411,000 barrels per day ahead of its upcoming meeting

Oil falls as OPEC+ considers increasing production

Oil prices extended losses during Asian trading and were headed for weekly declines due to renewed concerns over oversupply following a report that OPEC+ may be considering another production hike

OPEC+ agrees to accelerate oil output increase

The OPEC and its allies have agreed to accelerate oil production increases for the second consecutive month, raising output by 411,000 barrels per day (bpd) in June

BofA forecasts Brent to fall to USD 50 in pessimistic tariff scenario

New U.S. tariffs and an unexpected production increase from OPEC+ could trigger what the Bank of America called a “negative commodity demand shock”

Russian order slashes Kazakh oil export capacity amid OPEC+ row

Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production