BusinessPostCorner.com
No Result
View All Result
Wednesday, July 16, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

OPEC+ to ramp up oil output even higher with eye on market share

July 5, 2025
in Business
Reading Time: 2 mins read
A A
0
OPEC+ to ramp up oil output even higher with eye on market share
ShareShareShareShareShare

Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548,000 barrels per day.

Analysts had expected the alliance to decide on another output increase of 411,000 bpd — the same target approved for May, June and July.

The group said in a statement that “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” led to the decision to further hike output.

Jorge Leon of Rystad Energy told AFP that “OPEC+ keeps surprising the market — this latest hike was even larger than expected and sends a clear message, for anyone still in doubt: the group is firmly shifting toward a market share strategy.

“Two big questions now hang over the market: First, once the full 2.2 million barrels per day of voluntary cuts are unwound, will OPEC+ target the next tier of 1.66 million barrels? And second, is there enough demand to absorb it?

“With prices holding comfortably above $60 and a turbulent geopolitical backdrop — especially given the fragile ceasefire in the Middle East, and broader risks in Ukraine and Libya — the answer to both questions might well be ‘yes’.”

UBS analyst Giovanni Staunovo said that “effectively Kazakhstan and Iraq still overproducing their higher quotas is a factor supporting the cut unwind decision” on Saturday.

The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world’s oil supply.

The wider OPEC+ group — comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies — began output cuts in 2022 in a bid to prop up prices.

But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting.

Oil prices have been hovering around a low $65-$70 per barrel.

By approving another output hike, heavyweight Saudi Arabia might seek to up pressure on members for not keeping to agreed quotas via slashing expected oil profits due to lower prices.

An estimate by Bloomberg showed that the alliance’s production increased by only 200,000 bpd in May, despite doubling the quotas.

Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year’s list.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Next Post

Reform MP suspends himself from party over Covid loans allegations

Next Post
Reform MP suspends himself from party over Covid loans allegations

Reform MP suspends himself from party over Covid loans allegations

Cardano Foundation Reports 9M in Assets With 15% in Bitcoin

Cardano Foundation Reports $659M in Assets With 15% in Bitcoin

July 10, 2025
Deloitte gives its auditors more agentic AI capacities

Deloitte gives its auditors more agentic AI capacities

July 15, 2025
We’re looking at further online safety rules, says minister

We’re looking at further online safety rules, says minister

July 13, 2025
XRP Price Prediction: Its Ascent to #3 After 25.8% Weekly Gain – Will Momentum Hold?

XRP Price Prediction: Its Ascent to #3 After 25.8% Weekly Gain – Will Momentum Hold?

July 13, 2025
Donald Trump asked Volodymyr Zelenskyy if Ukraine could hit Moscow, say people briefed on call

Donald Trump asked Volodymyr Zelenskyy if Ukraine could hit Moscow, say people briefed on call

July 15, 2025
GMX Hacker Strikes White-Hat Deal: M Heist Turns M Profit After M Bounty Offer

GMX Hacker Strikes White-Hat Deal: $42M Heist Turns $3M Profit After $5M Bounty Offer

July 11, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Trump says Coca-Cola will swap corn syrup for cane sugar in US

Trump says Coca-Cola will swap corn syrup for cane sugar in US

July 16, 2025
Michigan fails in bid to build semiconductor manufacturing plant, Whitmer blames ‘massive economic uncertainty’

Michigan fails in bid to build semiconductor manufacturing plant, Whitmer blames ‘massive economic uncertainty’

July 16, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!