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Opec agrees to accelerate oil production

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Opec and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel’s linchpin Saudi Arabia bowed to US pressure to cool a crude price rally that has

The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the market and keep

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Opec and allies agree further gradual increase in oil production

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Opec and its allies on Wednesday agreed to boost the group’s production quota for the eighth consecutive month, even as data showed that some countries were struggling

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, known as OPEC+, agreed in an online meeting on Sunday to boost oil production by 400,000 barrels a day as

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OPEC+ countries agree to boost oil production Xinhua 新

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VIENNA, July 18 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, known as OPEC+, agreed in an online meeting on Sunday to boost oil production by 400,000 barrels a day as demand increases.

The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy

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Opec+ reaches deal to raise oil production

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Opec and its allies have reached a deal to raise oil production in response to soaring prices, and set a target for the end of 2022 for restoring all the output cut during the early days of the

Deep oil production cuts approved by Opec+ have sent shockwaves across energy markets, put the cartel on a collision course with Washington and pointed to a strengthening bond between Saudi

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OPEC+ members agree to significant voluntary oil production

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Several OPEC+ countries agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024, the oil producing group announced

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market

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Will OPEC raise oil production in July and August?
LONDON (AP) — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. The cost of oil, which began to rise sharply to start of the year, spiked after Russia’s Feb. 24 invasion of Ukraine.
Will OPEC cut oil production by 2.2 million barrels a day?
Several OPEC+ countries agreed to voluntarily cut oil production by 2.2 million barrels per day in the first quarter of 2024, the group announced Thursday.
Why did OPEC cut Saudi oil prices?
The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. A series of production cuts over the past year has failed to substantially boost prices amid weakened demand from China and tighter monetary policy aimed at combating inflation.
How much will Saudi Arabia increase oil production?
In the coming months, Saudi Arabia will increase production by 250,000 in May, 350,000 in June and 400,000 in July. Optimism about the impact of vaccines on global economies helped crude prices recover towards $70 a barrel.