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Business News›Industry›Energy›Oil & Gas›OPEC+ set to stick to modest output hike
for July: sources




OPEC+ SET TO STICK TO MODEST OUTPUT HIKE FOR JULY: SOURCES

SECTIONS
OPEC+ set to stick to modest output hike for July: sources
ReutersLast Updated: May 26, 2022, 07:15 PM IST
Synopsis


WESTERN NATIONS, GRAPPLING WITH RECORD INFLATION RATES THAT ARE THREATENING
ECONOMIC GROWTH, HAVE REPEATEDLY ASKED THE GROUP TO ACCELERATE ITS OUTPUT HIKES.
MEMBERS FROM THE GROUP MAINTAIN THAT THE OIL MARKET IS BALANCED AND THAT THE
RECENT PRICE HIKES ARE NOT RELATED TO FUNDAMENTALS.

Reuters


RELATED

 * OPEC+ set to stick to modest output hike for July, sources say
 * Oil firms on tight supply though EU ban on Russian oil still uncertain
 * China quietly increases purchases of low-priced Russian oil

OPEC+ is set to stick to an oil production deal agreed last year at its meeting
on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+
sources told Reuters, rebuffing Western calls for a faster increase to lower
surging prices.

Western nations, grappling with record inflation rates that are threatening
economic growth, have repeatedly asked the group to accelerate its output hikes.

Members from the group maintain that the oil market is balanced and that the
recent price hikes are not related to fundamentals.



Under a deal reached in July last year, the Organization of the Petroleum
Exporting Countries and allies led by Russia, have been easing record production
cuts by increments of about 400,000 bpd every month.

The cuts are set to be fully unwound by the end of September but the group's oil
output has been falling sharply in reality as sanctions and buyer reluctance hit
Russian output, and Nigeria and Angola pump well below target.

MORE STORIES FOR YOU✕

OPEC+ set to stick to modest output hike for July, sources say



Oil firms on tight supply though EU ban on Russian oil still uncertain



China quietly increases purchases of low-priced Russian oil


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"Why change what works perfectly?" one of the sources said. "We will announce
that we are going to increase our production by 432,000 bpd even if we are no
longer able to do so," he added

In April, OPEC+ produced 2.6 million bpd below its targets, internal data shows,
with Russia accounting for half of the shortfall.

Deputy Russian Prime Minister Alexander Novak said oil and condensate production
in the country is expected to drop by more than 8% to 480 million - 500 million
tonnes this year.

Oil prices are up 5% on the month so far in May, largely on expectations that
the European Union will agree an oil embargo on Russian supplies. Brent crude
was trading near $115 a barrel on Thursday.

European Council President Charles Michel on Wednesday said he is confident that
an agreement can be reached before the council's next meeting on May 30.

Russia has been significantly boosting oil sales to China and India as sales to
European buyers become more problematic.








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Copyright © 2022 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint
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