OPEC+ to raise oil output in Saturday meeting
According to webangah News Agency, three OPEC+ insiders revealed the alliance may approve accelerated production hikes this weekend as part of efforts to address rising demand and secure market share.
The group will hold preliminary talks with all 22 member nations on Wednesday, though no immediate policy shifts are expected. However, eight core OPEC+ members could greenlight the July output boost during their seperate Saturday session.
OPEC+, comprising the Organization of Petroleum Exporting Countries and allies like Russia, has implemented three production cuts since 2022 to stabilize markets. Two reductions remain active through next year. Eight members began phasing out the latest cut in April, later exceeding expectations with a combined 411,000-barrel-per-day increase across May and June.
sources told Reuters these same nations may approve an identical 411,000 bpd hike for July during saturday’s meeting. The anonymous officials cited the sensitivity of ongoing negotiations.
“We assign high probability to another significant 411k bpd increase being announced,” said SEB Bank analyst ole Hvalbye, noting markets have likely priced in this adjustment already.
UAE Energy Minister Suhail Al Mazrouei emphasized OPEC+’s commitment to market balance when questioned about July plans: ”The alliance is making every effort to stabilize oil markets while responding appropriately to demand growth.”
Oil prices plunged below $60/barrel in April – a four-year low – following OPEC+’s accelerated production timeline announcement and concerns over Trump-era tariffs weakening global economies. Prices have since recovered to approximately $65/barrel.
Earlier reports suggested the eight members might fully unwind remaining voluntary cuts by October alongside July’s planned increase. Wednesday’s technical discussions commence at 13:00 GMT according to sources.
