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Production Quotas

All articles tagged with #production quotas

world1 month ago•2 min saved

OPEC+ Nudges Oil Output Higher as Market Watches Hormuz and UAE Exit

OPEC+ decided to raise August oil output targets by 188,000 barrels per day, continuing the series of quota hikes since June and moving the seven core members closer to unwinding the 2023 cuts, though actual production remains below pre-war levels due to disruptions and the Strait of Hormuz, with prices near $72 a barrel. UAE’s exit and Iraq’s push for higher quotas add complexity ahead of a potential September increase, while the broader market weighs supply constraints against easing demand signals.

via CNBC|

#oil #oil-prices #opec

business2 months ago•2 min saved

OPEC+ hikes oil output targets for fourth time as Hormuz disruption persists

OPEC+ approved a fourth consecutive increase in its oil-output targets, lifting July quotas by 188,000 barrels per day as the bloc unwinds most of a 1.65 million bpd cut, even though Hormuz Strait disruptions and the UAE’s exit keep actual supply constrained; the seven core members (Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, Oman) have boosted quotas, but production remains well below February levels and prices eased with Brent near $93 and WTI near $90 as traders weigh the risk of a reopened strait and the policy remains in place through 2026 with a review of 2027 baselines.

via CNBC|

#business #hormuz #oil-output

energy2 years ago•1 min saved

Angola's Departure from OPEC Sends Shockwaves through Oil Market

Angola has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) due to a disagreement over oil production quotas. The country's Mineral Resources and Petroleum Minister stated that remaining in OPEC would require Angola to cut production, which goes against its policy of avoiding decline and respecting contracts. OPEC has implemented significant supply cuts to support oil prices, and last month, the wider OPEC+ group agreed to a further voluntary cut in production. Angola's exit is a setback for OPEC, although its output is relatively small compared to the entire group.

via DW (English)|

#angola #disagreement #energy

energy3 years ago•2 min saved

China growth concerns push oil prices down over $1.

Global oil prices fell over $1 as concerns over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. China's economic uncertainties may have caused the selloff after a two-day rebound in oil markets ahead of The People's Bank of China's (PBOC) decision on its loan prime rates (LPR) this week. OPEC+ is expected to struggle to get compliance with production quotas, and Rosneft is suggesting the cartel of oil producers focuses on exports and not production.

via Reuters|

#china #economic-uncertainty #energy

energy3 years ago•2 min saved

Russia's export structure puts it at a disadvantage against OPEC+ according to Rosneft's Sechin.

Igor Sechin, the head of Rosneft, has said that Russia is losing out to other OPEC+ countries due to a smaller share of its oil production being exported. Sechin proposed that OPEC+ should monitor not only production quotas but also oil export volumes, given the different sizes of domestic markets. Currently, OPEC+ regulates only production, not exports. Sechin also noted that it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production.

via Reuters|

#energy #global-oil-market #oil-exports