The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.
OPEC+ countries have increased their production quotas by over 2.7 mln barrels per day since April of this year
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the U.S. imposed new sanctions on Russian oil majors, Kuwait's oil minister Tariq Al-Roumi said.
The eight leading OPEC+ nations, including Russia and Saudi Arabia, have decided to increase oil production by 137,000 barrels a day in view of the favorable market outlook, the OPEC said after the OPEC+ meeting.
Eight OPEC+ countries have agreed to increase oil production in October. Media reports suggest this decision could mark the beginning of a phased exit from existing production cuts, though discussions are still ongoing.
The eight OPEC+ countries that voluntarily cut oil output have decided to increase production in September by 547,000 barrels per day, which is in line with the original plan to increase production for four months, according to a statement posted on the OPEC website.
An online meeting on this issue is scheduled for August 3
Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September.
Kazakhstan is not considering the possibility of withdrawing from the OPEC+ agreement on voluntary oil production cuts, views the deal as beneficial for maintaining stability in the oil market, Kazakh Prime Minister Olzhas Bektenov said.
OPEC+ is considering the suspension of production growth from October. The association will make another decision to increase oil production before taking a break.
Azerbaijan is an effective, loyal, and reliable partner, OPEC Secretary General Haitham Al Ghais said, as he assessed the organization’s relations with Azerbaijan.
The OPEC+ group of countries will increase oil production by an additional 411,000 barrels per day for the second month in a row. Initially, the talk was to produce 138,000 barrels.
OPEC+ countries have postponed their June meeting to discuss the production plan for July. It will now take place a day earlier than planned.
Russia's Deputy Prime Minister Alexander Novak and Bahrein's Oil Minister Mohammed bin Mubarak Bin Dainah have discussed energy supplies …
The Organization of Petroleum Exporting Countries (OPEC) received updated plans of surplus oil production compensation from seven OPEC+ countries, specifically …
Oil prices extended losses on Monday, falling more than 2% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase. The price …
It was decided not to change plans for a gradual increase in production by 150,000 bpd per month
Eight OPEC+ countries agreed today to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May. Eight members of …
OPEC+ ministers from eight nations that are gradually raising oil output will meet online on April 3 and are likely to approve a further hike in production from May, sources from the producer group said. Eight members of …
Mikhail Mishustin stated that Russia maintains close cooperation with OPEC+, emphasizing the country's responsible approach to energy security issues.
