Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]
Seven OPEC+ members have agreed to increase collective oil production by 188,000 bpd in August, continuing the gradual rollback of voluntary production cuts while reaffirming their commitment to maintaining market stability.
Seven OPEC+ members agreed Sunday to lift their combined oil output target by 188,000 barrels per day from July, but analysts say the increase may deliver little actual supply while the Strait of Hormuz remains blocked by the Iran conflict.
OPEC+ agreed to resume oil production increases at a slightly accelerated pace, even as conflict sparked by U.S.–Israeli strikes on Iran heightens risks to global crude flows.
Friday’s gain in crude oil prices was small enough that it could almost be described as neutral for the day, largely due to an overall slowdown in U.S. inflation.
OPEC and its allies (OPEC+) agreed on Sunday, Feb. 1, to keep oil production levels unchanged for March, reaffirming earlier decisions amid heightened geopolitical uncertainty and firmer crude prices.
The OPEC+ group is expected to maintain its oil production policy unchanged this weekend and affirm a pause in output hikes in March even as Brent Crude prices hit $70 per barrel this week for the first time in five months, delegates from the alliance told Reuters on Friday.
Nigeria’s crude oil production slipped in December from November as Africa’s top producer continues to struggle to pump to its full OPEC+ output quota amid operational challenges in its upstream sector.
In the report, the Standard Chartered Bank analysts said rolling back the November 2023 tranche of voluntary cuts has improved market transparency and allowed traders to obtain a more realistic picture of spare capacity. They added that they think removing the April 2023 tranche would have a similar effect.
Crude oil production will continue to outpace demand in 2025 despite OPEC+ caps on output, Kpler analyst Homayoun Falakshahi told Reuters.