OPEC+ set for fourth oil quota hike since Hormuz closure: Report
Seven core members are expected to keep quotas rising even as actual output remains constrained by conflict and the United Arab Emirates' exit from OPEC.
- On Sunday, seven core OPEC members—Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman—are expected to approve a fourth consecutive monthly increase, raising July production quotas by roughly 188,000 barrels per day, sources told Reuters.
- Gulf export cuts and the United Arab Emirates' departure from the Organization of the Petroleum Exporting Countries curtailed shipments, causing actual production to fall to about 33.19 million barrels per day in April from 42.77 million in February.
- From April to June, the Seven members increased quotas by almost 600,000 barrels per day, though the June hike was adjusted downward to 206,000 barrels per day to account for the UAE's exit.
- Oil prices fell on Friday as traders gained confidence that renewed conflict involving Iran was growing less likely, with Brent settling at $93.09 a barrel and West Texas Intermediate at $90.54.
- Despite scheduled ministerial meetings beginning Sunday at 12:30 GMT, sources indicated no final decision has been reached on the quota increase, and broader changes to OPEC policy are not expected.
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London. OPEC+ agreed to a fourth increase in its oil production targets in so many months, OPEC reported in a statement, despite the fact that the war between the United States and Iran continues to prevent several members of the group from increasing their production.
In the wake of the increases over the last few months, the Organization of Petroleum Exporting Countries and its allies (Op+) announced an increase in their oil production in July. But be assured, this should not have any effect on fuel prices.
After calming down in the past few days, oil prices are rising again in the morning, and the recent decision by oil-exporting countries should not change that.
News & Record
Winston-Salem JournalOPEC+ members agree to increase in oil output quota
LONDON — OPEC+ agreed Sunday to a fourth increase in its oil output targets in as many months, even though the U.S. war with Iran is preventing several of the group's members from pumping more.
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