OPEC+ Raises Oil Output Quotas by 188,000 Barrels Daily for August
Crude oil prices fell after the OPEC+ alliance agreed to raise production quotas for August by 188,000 barrels per day, extending a gradual output increase announced earlier this year. The decision was confirmed Sunday by the group’s seven participating members, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
The output expansion follows a scheduled plan to unwind voluntary production cuts initially implemented in April 2023 to support market stability. The move comes as regional tensions eased and a preliminary US-Iran peace agreement reduced fears of Middle East supply disruptions. Investors sold crude futures following the announcement, pricing in the prospect of higher global supply and easing earlier concerns about tightness in the coming months.
From the sources (20 posts)
@firstsquawkOPEC+ tipped to raise quotas again as Middle East calms-ET
@iranintl_enOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks. Two other sources told Reuters an increase of that size was t
@firstsquawkOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks.
@financialjuiceOPEC+ agrees in principle to increase oil output targets by 188,000 bpd from August, OPEC+ source
@businessOPEC+ has a preliminary agreement for another modest oil quota increase in August, delegates said, raising the prospect of more supply eventually hitting the market again if a US-Iran peace pact can stick
@amena__bakrAnother 188k of unwinding of supply for August expected from the OPEC+ members with voluntary cuts #OOTT
@reutersOPEC+ set to approve another oil output increase, sources say
@financialjuiceSeven OPEC+ nations to boost oil output quotas by 188,000 bpd in August: statement
@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
@firstsquawk7 countries in OPEC+ decide to increase oil production by 188,000 barrels daily in August
@anasalhajjiHormuz is currently limiting the impact of these decisions by the group of 7 of OPEC+, but their full effects will become visible next year. For now, we’re waiting for Aramco’s OSPs.
@cnbcOPEC+ set to approve another oil output increase, sources say
@jackprandelliOPEC+ just added supply for August, while keeping every reversal option on the table. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will raise output by 188,000 bpd in August, from the April 2023 voluntary cuts tranche
@businessMajor OPEC+ members agreed another modest increase to their collective oil-production quotas for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick
@firstsquawkCRUDE OIL PRICES FALL AFTER OPEC+ AGREES TO RAISE PRODUCTION TARGETS Crude oil prices declined following the decision by OPEC+ to increase production targets, easing earlier supply concerns. The move signals higher expected global supply,
@cnbcOil slips after OPEC+ agrees to raise output targets
@wsjmarketsOil Falls, Weighed by OPEC+ Decision to Increase Output Again
@marketwatchOPEC+ raises output levels again despite tumbling crude prices