The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC icons in Ankara, Turkey, on June 25, 2024.<\/p>\n
Anadolu | Anadolu | Getty Images<\/p>\n
Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts.<\/p>\n
This subset of the alliance \u2014\u00a0comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates \u2014 met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day.<\/p>\n
In a statement, the OPEC Secretariat attributed the countries’ decision to raise August daily output by 548,000 barrels to “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”<\/p>\n
The eight producers have been implementing two sets of voluntary production cuts outside of the broader OPEC+ coalition’s formal policy.<\/p>\n
One, totaling 1.66 million barrels per day, stays in effect until the end of next year.<\/p>\n
Under the second strategy, the countries reduced their production by an additional 2.2 million barrels per day until the end of the first quarter.<\/p>\n
They\u00a0initially set out to boost their production by 137,000 barrels per day every month until September 2026, but only sustained that pace in April. The group then tripled\u00a0the hike\u00a0to 411,000 barrels per day in each of May, June, and July \u2014 and\u00a0is further accelerating the pace of their increases\u00a0in August.<\/p>\n
Oil prices were briefly boosted in recent weeks by the seasonal summer spike in demand and the 12-day war between Israel and Iran<\/a>, which threatened both Tehran’s supplies and raised concerns over potential disruptions of supplies transported through the key Strait of Hormuz.<\/a><\/p>\n At the end of the Friday session, oil futures settled at $68.30 per barrel for the September-expiration Ice Brent<\/a> contract and at $66.50 per barrel for front month-August Nymex U.S. West Texas Intermediate<\/a> crude.<\/p>\n","protected":false},"excerpt":{"rendered":"The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC…\n","protected":false},"author":3,"featured_media":40691,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[32299,133,64,81,5495,4785,32300,32301,135,3345,32302,257,271,10317,67,132,68],"class_list":{"0":"post-40690","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-algeria","9":"tag-breaking-news-markets","10":"tag-business","11":"tag-business-news","12":"tag-energy","13":"tag-iraq","14":"tag-kazakhstan","15":"tag-kuwait","16":"tag-markets","17":"tag-oil-and-gas","18":"tag-oman","19":"tag-russia","20":"tag-saudi-arabia","21":"tag-united-arab-emirates","22":"tag-united-states","23":"tag-unitedstates","24":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114800516418560602","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/40690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=40690"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/40690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/40691"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=40690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=40690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=40690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}