Three OPEC+ sources said on Sunday that the bloc is heading toward approving a fourth consecutive monthly increase in oil production targets, even as the U.S. war with Iran continues to hinder the ability of several alliance members to pump more crude.
اضافة اعلان
The war has curtailed oil flows through the Strait of Hormuz, triggering the largest global supply crisis, with key countries within the alliance unable to fully meet their customers' demands since late February. The crisis deepened for OPEC+ following the UAE's withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) after nearly 60 years of membership.
Seven core members of the OPEC+ alliance, which comprises OPEC and allies including Russia, raised their production quotas between April and June by around 600,000 barrels per day (bpd).
However, OPEC data showed that the group's actual output plunged sharply due to slashed exports from Gulf nations, averaging 33.19 million bpd in April compared to 42.77 million bpd in February.
The sources said the seven members are likely to raise production targets by about 188,000 bpd starting in July. This mirrors the increase approved for June, which was revised downward from the monthly hikes of 206,000 bpd seen in May and April.
The seven countries—out of the 21 OPEC+ member nations scheduled to meet on Sunday—are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.
The sources added that a full OPEC+ ministerial meeting is also scheduled for Sunday, but the agreement is not expected to include any changes to the broader production policy.
(Reuters)
