Seven OPEC+ Producers Agree 188,000-Bpd July Quota Hike as Strait of Hormuz Closure Limits Exports
Seven major OPEC+ producers agreed to raise July output quotas by 188,000 barrels a day, marking the fourth monthly increase since the closure of the Strait of Hormuz. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman said the adjustment will be implemented in July under the additional voluntary adjustments announced in April 2023.
The move is likely to have limited immediate effect because a blockage of exports from the Persian Gulf is preventing most of those producers from implementing higher quotas, making the decision largely symbolic while Hormuz remains closed. The countries said they will continue to monitor market conditions and retain flexibility to increase, pause or reverse the phaseout of voluntary production adjustments.
From the sources (25 posts)
@staunovoIranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. #oott https://
@polymarketJUST IN: Iranian oil exports have crashed to their lowest level in six years.
@iranintl_enIran's crude oil exports fell 84% in May as the US blockade tightened pressure on Tehran's oil trade, according to Lloyd's List. The journal said exports were 87% below their previous 12-month average and shifted toward smaller tankers as
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@iranintl_enMore than 50 days into the US blockade of Iran’s southern ports, Iraq’s Umm Qasr has emerged as a new hub for Iran-bound cargo, trade sources say, as Tehran’s first major workaround through Oman’s Khasab grows slower, busier and more expens
@chigrlIran’s Oil Exports Plunge to 6-Year Low as Maritime Blockade Squeezes Crude Flows Iran’s oil exports collapsed to their lowest level in at least six years as an ongoing U.S.-led maritime pressure campaign sharply curtails crude shipments,
@zerohedgeIran Oil Exports Plunge To Four Year Low As Blockade Tightens, While Inflation Soars To World War 2 Levels
@businessOPEC crude output fell last month, hitting its lowest level in decades as the US blockade of Iran and disruption in the Persian Gulf continued to curb production
@zerohedgeIran oil exports; China oil imports
@firstsquawkOPEC+ set for fourth oil quota hike since Hormuz closure, sources say
@reutersOPEC+ set for fourth oil quota hike since Hormuz closure, sources say
@firstsquawkOPEC+ meets, Iran war hobbles power to shape oil market-ET
@charlesellinasOPEC+ set for fourth oil quota hike since Hormuz closure, sources say - It is likely to raise targets by 188,000 bpd from July
@marionawfalOPEC+ is about to raise its oil output targets for the fourth month in a row. The problem is they can't actually ship it all. Actual production has collapsed from 42.77 million bpd in February to 33.19 million bpd in April. That's a 22% d
@cnbcOPEC+ set for fourth oil quota hike since Strait of Hormuz closure, sources say
@faytuksnetworkOPEC+ is set to agree on a fourth increase in oil output targets in as many months, three OPEC+ sources says, even though the U.S. war with Iran is still preventing several of the group’s members from pumping more - CNBC
@reutersOPEC+ set for fourth oil quota hike since Hormuz closure, sources say
@financialjuiceSeven OPEC+ Nations to Increase Oil Output Limits by 188,000 Bpd for July, Statement Says
@anasalhajji🚨The impact will be visible once the Hormuz Crisis is over. "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day f
@staunovoSaudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability #oott
@staunovoIn their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023
@staunovoThe countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to incre
@osint613OPEC+ is expected to approve a fourth straight monthly increase to oil output targets on Sunday, three sources told CNBC. The move comes despite ongoing supply disruptions through the Strait of Hormuz tied to the U.S.–Iran conflict.
@businessMajor OPEC+ members agreed another modest symbolic increase to their oil output quotas for July, even as a blockage of exports from the Persian Gulf prevents most of them from implementing it
@zerohedgeOPEC+ Agrees Another Symbolic Quota Hike for July, Delegates Say