OPEC+ Set for Fourth Oil Quota Hike Since Hormuz Closure, 188,000 Bpd Increase Seen
OPEC+ is set for a fourth oil quota increase since the closure of the Strait of Hormuz, with targets likely to rise by 188,000 barrels a day from July, according to a Reuters report citing sources. The group is meeting as the war involving Iran has weakened its ability to shape the oil market because disruptions to Gulf shipping continue to constrain actual supply.
The planned increase would extend a series of target hikes even after OPEC crude output fell in May to the lowest level in decades as the US blockade of Iran and wider Persian Gulf disruption curtailed production. Shipping data previously showed Iran exported 209,000 barrels a day of crude oil and condensate in May, down from 1.34 million in April, underscoring the gap between higher quotas and the barrels that can physically reach the market.
From the sources (14 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
@ajenglishIran’s crude oil exports plunged 84% in May compared with April and were 87% below the 12-month average, Lloyd’s List reports, as a US naval blockade disrupted shipments and pushed Tehran to use smaller tankers. 🔴 LIVE updates: https://t.c
@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