todamo Seven OPEC+ countries have provisionally agreed to raise oil output targets by about 188,000 barrels per day in June, a symbolic move as the Strait of Hormuz remains largely closed for shipping due to Middle East tensions, Reuters reported, citing sources familiar with the matter. According to two sources familiar with OPEC+’s plans, the decision is set to be finalized at a policy meeting ...
todamo Seven OPEC+ countries have provisionally agreed to raise oil output targets by about 188,000 barrels per day in June, a symbolic move as the Strait of Hormuz remains largely closed for shipping due to Middle East tensions, Reuters reported, citing sources familiar with the matter. According to two sources familiar with OPEC+’s plans, the decision is set to be finalized at a policy meeting of seven members of the alliance—Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman—scheduled for Sunday. While OPEC+ represents 21 oil-producing nations, including Iran, only the seven nations, plus the UAE, which left the group on Friday, were involved in finalizing monthly production decisions. It will be roughly similar to a 206,000-bpd output hike OPEC+ agreed to for May after adjusting for contributions from the UAE, the sources said, requesting anonymity as they are barred from speaking to the media. The output hike will remain symbolic until the Strait of Hormuz, a key maritime route that handled nearly 20% of global oil and LNG shipments before the Iran war, reopens and oil supplies resume from the Persian Gulf. The output hike will mark OPEC+'s third consecutive monthly increase, signaling a business-as-usual approach from the group despite geopolitical uncertainties and the UAE's exit. Related tickers: ( CL1:COM ), ( CO1:COM ), ( NG1:COM ), ( XB1:COM ), ( XLE ), ( USO ), ( BNO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( DRIP ), ( GUSH ), ( USOI ), ( UNG ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG ), ( XLE ) More on Crude Oil Futures, United States Oil Fund LP ETF, etc. This Week's Market Wrap: Earnings Fireworks, Oil Shocks, And A Stubborn Economy Markets Weekly Outlook: The Peace Process Is Stalling Ahead Of April Non-Farm Payrolls Fragmentation Within OPEC+: UAE Exit Signals Structural Shift In Oil Market Dynamics 6 out of 7 S&P 500 energy stocks beat EPS estimates this week: Earnings Scorecard Exxon, Chevron have no plans to boost production despite Trum...