Sources say OPEC+ will meet this week to agree to increase oil production in July
author: Ann
2025-05-28
OPEC+ plenary meeting to be held on Wednesday
OPEC+ eight members to meet on Saturday to decide July output
UAE says OPEC+ must be wary of rising oil demand
For an explanation of OPEC+ cuts, click here
LONDON/DUBAI, May 27 (Reuters) - OPEC+ this week is likely to agree to further accelerate oil output increases in July, three OPEC+ delegates told Reuters, the latest stage in a plan to meet growing demand and increase market share.
No policy changes are expected when the 22-member group meets on Wednesday to review the market, the sources said.
But they said the eight OPEC+ members are expected to agree to a July output increase when they meet on Saturday.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed to a three-stage production cut from 2022 to support the market, with two of the cuts lasting until the end of next year.
The eight members began the latest round of production cuts in April and increased output by more than expected to 411,000 bpd in May and June.
The eight members are likely to decide to increase output by 411,000 bpd in July at a meeting on Saturday, three OPEC+ sources told Reuters. All sources declined to be named due to the sensitivity of the matter.
"We see a high probability of another significant increase of 411,000 bpd," said SEB analyst Ole Hvalbye. "However, this potential increase seems to be largely priced in by the market," he added.
Asked on Tuesday about production plans for July, UAE Energy Minister Suhail Mohammed al-Mazrouei said OPEC+ was doing its best to balance the oil market and needed to be mindful of growing demand.
Oil prices fell to a four-year low below $60 a barrel in April after OPEC+ announced it would accelerate production increases in May and U.S. President Donald Trump's tariffs stoked concerns about a weakening global economy. Oil prices have since recovered to around $65 a barrel.
Earlier this month, sources told Reuters that the eight countries may cancel the remaining voluntary production increases by the end of October, in addition to increasing production by another 411,000 barrels per day in July.
لماذا مقاومة للماء مهم جدا الشحوم
Trump withdraws from the war between Russia and Ukraine; Putin may seek peace with low-priced oil
