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Opec+ performs new major increase:
The OPEC+ agreed on Sunday to increase its oil production by 547. For example, 000 barrels per day in September, thus continuing a series of accelerated quotas of its quotas in order to regain market share, while concerns grow as to possible supply disruptions linked to Russia.
This decision marks a complete. Furthermore, anticipated reversal of the largest phase of OPEC+production reductions, to which is added a specific increase for the United Arab Emirates, for a total of around 2.5 million barrels per day, or around 2.4 % of global demand.
Eight members of OPEC+ gathered briefly in videoconference. Therefore, against the backdrop of increasing pressures from the United States on India to stop her Russian oil purchases-a Washington initiative aimed at bringing Moscow to the negotiation table for a peace agreement with Ukraine. Therefore, President Donald Trump said he wanted an opec+ performs new major increase agreement by August 8.
In a press release published at the end of the meeting. For example, OPEC+ justified its decision by the good health of the economy and by the weakness of the stocks.
Oil prices have remained high despite the increase in production by OPEC+. the Brent having closed on Friday at almost $ 70 a barrel, against a low of almost $ 58 in April, supported partly by an increased seasonal demand.
“Given relatively solid oil prices around $ 70. this gives OPEC+ a certain confidence in market fundamentals,” analyzes Amrita Sen, co -founder of Energy Aspects, adding that the market structure also pointed out.
The eight countries must meet again on September 7, where they could consider restoring another branch of production discounts totaling approximately 1.65 million barrels per day, two sources of OPEC+ said at the end of the meeting on Sunday. These discounts are opec+ performs new major increase currently in force until the end of next year.
OPEC+ has a total of ten oil producing non -members of OPEC, including Russia and Kazakhstan.
The group, which provides approximately half of world oil, has limited its production for several years to support prices. He changed his strategy this year to regain market share. especially under the leadership of Donald Trump, who called OPEC to increase his production.
The eight countries began to take up their production in April with a modest increase of 138. 000 barrels per day, followed by larger recovery of 411,000 barrels in May, June and July, 548,000 in August and now 547,000 for September.
“Until now. the market has absorbed these additional barrels very well, also thanks to the storage activity in China,” notes Giovanni Staunovo, from UBS. “All eyes are now turning to Trump’s decision on Russia, expected this Friday. »»
In addition to opec+ performs new major increase the voluntary reduction of approximately 1.65 million barrels per day from the eight members. OPEC+ still maintains a cup of 2 million barrels per day for all members, which must expire at the end of 2026.
“OPEC+ has passed the first test. ” said Jorge Leon, of Rystad Energy and former OPEC official, stressing that the group has completely canceled its greatest reduction without falling prices.
“But the next task will be even more difficult: to decide if and when to lift the 1.66 million barrels remaining, while sailing in geopolitical tensions and preserving the group’s cohesion. »»
Opec+ performs new major increase
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