OPEC+ Nations Agree to Modest Rise in Production

OPEC+ Hikes Oil Production Quotas Without Mentioning UAE Pull-Out

Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates.

Opec+ set to raise output as Strait of Hormuz blockade disrupt oil flows

Opec+ set to raise output as Strait of Hormuz blockade disrupt oil flows The Opec+ has agreed to increase output in June in a move aimed at reassuring markets that supply will continue despite the Israeli-US war on Iran. The group plans to add 188,000 barrels per day, a relatively small rise that is unlikely to offset the impact of restrictions around the Strait of Hormuz, where access remains constrained. The United Arab Emirates, a key member…

OPEC+ Nations Agree to Modest Rise in Production

The commitment from the seven countries to raise production by 188,000 barrels a day comes after a virtual meeting they held April 3.

OPEC+ to boost output after series of setbacks

OPEC+ agreed to boost output in June to reassure buyers it is conducting business as usual after a series of setbacks. The move is largely symbolic — the extra 188,000 barrels a day is modest, and the closure of the Strait of Hormuz means little will reach its destination anyway. But the oil cartel is in turmoil, both because of disruption from the Iran war and because the United Arab Emirates, a central member, left last week citing unreasonabl…

OPEC+, in symbolic gesture, to increase oil production

The oil cartel known as OPEC+ agreed on Sunday to step up output next month by a modest 188,000 barrels a day, in a move meant to send a signal that it was conducting business as usual. The group met days after the abrupt departure of one of its key members, the United Arab Emirates. The post OPEC+, in symbolic gesture, to increase oil production appeared first on West Hawaii Today.