OPEC+ may raise output if US supply disruptions deepen- Photo by Maahid Photos on Pexels.com
Rystad Energy’s latest market update, provided by Mukesh Sahdev, Global Head of Commodity Markets – Oil, highlights OPEC+’s unexpected decision to accelerate crude oil output by 411,000 barrels per day (bpd) starting May 2025, as confirmed in a meeting of eight key producers: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
This increase, triple the market’s pre-meeting expectation of 135,000 bpd, fast-tracks the unwinding of 2.2 million bpd in voluntary cuts, originally set to phase out gradually over 18 months. Rystad views this as an opportunistic move to leverage stagnant non-OPEC production, predicting a short-lived price dip below $70 due to summer demand and geopolitical risks.
The decision reflects OPEC+’s confidence in market absorption capacity, though it navigates uncertainties like U.S. sanctions, tariffs, and demand fluctuations, aiming to maintain compliance and avoid a surplus.
Read More News on Business News Malaysia
Read More News on Business News Malaysia
Strategically positioned near the established Mont Kiara, Hartamas and Dutamas catchments, AEON Mall KL Midtown…
Geohan Corp is set for recovery; breaking RM0.390 could lead to gains, while dropping below…
CIMB hosted an analyst briefing, emphasizing resilience in earnings amidst rising oil prices, though potential…
INSPACE Creation specializes in commercial office interior services in Malaysia, focusing on project management, design,…
OBHB may break from its sideways trend, with potential price increases if certain resistance levels…
Bestinet defends FWCMS against allegations, highlighting its role in combating exploitation and improving foreign worker…
This website uses cookies.
