OPEC+ set for another oil output quota hike despite Hormuz closure, sources say
- 02-May-2026
LONDON: OPEC+ has agreed in principle to raise oil output targets in June, two sources familiar with the group’s thinking said on Saturday, but the increase will remain largely on paper as long as the U.S.-Iran war continues to disrupt Gulf oil supplies. Seven OPEC+ countries have an agreement in principle to raise oil output […]
OPEC+ agrees to boost oil output when Strait of Hormuz reopens
- 05-Apr-2026
MOSCOW/LONDON: OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran. The war has effectively shut the Strait of Hormuz – the world’s […]
OPEC+ likely to weigh further oil output hike on Sunday, sources say
- 02-Apr-2026
OPEC+ is likely to weigh a further oil output increase when eight members meet on Sunday, two OPEC+ sources said, a move that would position key producers to add more barrels should the Strait of Hormuz – the world’s most important oil route, currently shut by the U.S.-Israeli war with Iran – reopen. At its […]
OPEC+ may consider larger oil output boost, sources say, as Saudi, UAE up exports
- 01-Mar-2026
OPEC+ may consider a larger-than-planned output increase of 411,000 barrels per day at a meeting on Sunday, two sources close to the talks said, after Saudi Arabia and the UAE raised exports in anticipation of possible disruption to oil markets from U.S.-Israeli strikes on Iran carried out on Saturday. Eight members of OPEC+, which groups […]
OPEC+ may consider larger oil output boost, sources say, as Saudi, UAE up exports
- 28-Feb-2026
LONDON/MOSCOW: OPEC+ may consider a larger-than-planned output increase of 411,000 barrels per day at a meeting on Sunday, two sources close to the talks said, after Saudi Arabia and the UAE raised exports in anticipation of possible disruption to oil markets from U.S.-Israeli strikes on Iran carried out on Saturday. Eight members of OPEC+, which […]
OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say
- 01-Feb-2026
LONDON/MOSCOW: Eight Organization of Oil Producing Countries (OPEC)+ countries have agreed in principle to maintain a planned pause in their oil output hikes for March, according to three OPEC+ sources and a draft statement seen by Reuters ahead of their Sunday meeting. The countries had agreed the pause in output hikes for the first quarter […]
Oil slips as OPEC+ proceeds with September output hike
- 04-Aug-2025
Oil prices extended declines on Monday after OPEC+ agreed to another large production hike in September, with concerns about a slowing economy in the U.S., the world’s biggest oil user, adding to the pressure. Brent crude futures fell 40 cents, or 0.57%, to $69.27 a barrel by 0115 GMT while U.S. West Texas Intermediate crude […]
Eight OPEC+ countries increase oil output in bid to regain market share
- 03-Aug-2025
Vienna: The eight OPEC+ countries said Sunday they will increase production by 547,000 barrels a day in a move which analysts say aims to regain market share amid resilient crude prices. Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman currently produce about 41-42 million barrels a day, so the increase is […]
Oil slides on OPEC+ output increase, US tariff uncertainty
- 04-Mar-2025
Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April while markets braced for U.S. tariffs on Canada, Mexico and China to take effect. Brent futures fell 49 cents, or 0.7%, to $71.13 a barrel at 0455 GMT, as U.S. West Texas Intermediate (WTI) crude eased […]
OPEC+ expected to extend oil supply cuts
- 05-Dec-2024
VIENNA, Austria: The OPEC oil cartel and its allies are expected Thursday to extend their supply cuts to avoid a sharp drop in prices in a global market awash in crude. However, dissension that caused a delay in the meeting originally scheduled for Sunday has created some doubts about it being able to maintain the […]