Economía

Gerente Adjunto Carmelo De Grazia//
OPEC+ Endorses 648,000 Bpd Oil Production Hike In July

Bancamiga
OPEC+ Endorses 648,000 Bpd Oil Production Hike In July

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 115.8 +0.58 +0.50% Brent Crude • 10 mins 116.7 +0.37 +0.32% Natural Gas • 10 mins 8.914 +0.218 +2.51% Heating Oil • 10 mins 4.146 +0.003 +0.07% Gasoline • 10 mins 4.055 -0.016 -0.40% Louisiana Light • 1 day 117.1 +1.08 +0.93% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 1 day 117.1 +1.08 +0.93% Bonny Light • 1 day 124.2 -0.54 -0.43% Opec Basket • 1 day 117.1 -5.87 -4.77% Mars US • 17 hours 110.1 +0.49 +0.45% Gasoline • 10 mins 4.055 -0.016 -0.40% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 1 day 112.4 -4.04 -3.47% Murban • 1 day 115.8 -2.64 -2.23% Iran Heavy • 1 day 113.9 -1.10 -0.96% Basra Light • 184 days 71.69 -3.60 -4.78% Saharan Blend • 1 day 123.7 -1.09 -0.87% Bonny Light • 1 day 124.2 -0.54 -0.43% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 124.2 -0.54 -0.43% Girassol • 1 day 120.3 +0.11 +0.09% Opec Basket • 1 day 117.1 -5.87 -4.77% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 1 day 94.53 -0.15 -0.16% Western Canadian Select • 9 hours 101.2 +0.59 +0.59% Canadian Condensate • 9 hours 117.4 +0.59 +0.51% Premium Synthetic • 9 hours 115.7 +0.59 +0.51% Sweet Crude • 9 hours 113.6 +0.59 +0.52% Peace Sour • 9 hours 110.7 +0.59 +0.54% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 9 hours 110.7 +0.59 +0.54% Light Sour Blend • 9 hours 112.8 +0.59 +0.53% Syncrude Sweet Premium • 9 hours 116.4 +0.59 +0.51% Central Alberta • 9 hours 111.0 +0.59 +0.53% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 1 day 117.1 +1.08 +0.93% Domestic Swt. @ Cushing • 1 day 111.8 +4.00 +3.71% Giddings • 1 day 105.5 -5.50 -4.95% ANS West Coast • 2 days 120.6 -0.11 -0.09% West Texas Sour • 1 day 109.2 +0.59 +0.54% Eagle Ford • 1 day 113.2 +0.59 +0.52% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 113.2 +0.59 +0.52% Oklahoma Sweet • 1 day 111.8 +0.75 +0.68% Kansas Common • 1 day 105.5 +0.50 +0.48% Buena Vista • 1 day 121.0 +3.49 +2.97% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 5 mins UK Approves Biggest North Sea Project In Decades  1 hour U.S. LNG Exports Stay Near Record Levels In May 18 hours Oil Prices Unmoved By Small Crude Draw 21 hours Windfall Tax To Cost UK-Focused Oil Firms More Than $3 Billion 22 hours Deutsche Bank Unit CEO Resigns Over Greenwashing Raid 22 hours Libya’s Oil Losses Mount On Pipeline Leak 23 hours OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal 1 day UK, EU Shut Russian Oil Out Of Maritime Insurance Market 1 day Russia, Saudi Arabia Signal OPEC+ Is Going Strong 2 days Rising Energy Prices Could Tip World Into 1980s-Style Recession 2 days OPEC Considers Suspending Russia From Oil Deal 2 days Double-digit Inflation Prompts Russia To Raise Wages, Pensions 2 days Ukraine Takes Control Of Ukraine-based Tatneft Assets 2 days Russian Oil Sells At Huge Discounts 2 days UK Gasoline Prices Hit Record High, Set For Further Rise 2 days Oil Prices Spike As EU Clinches Deal To Ban Most Russian Imports 2 days EU Ban On Russian Oil Could Send Crude Prices Above $130 3 days Greece Warns Shipping Lanes Not Safe From Iran 3 days Mexico’s Spend On Fuel Subsidy Is Double Its Oil Exports Revenue 3 days Gazprom Cuts Off Gas Supply To The Netherlands 3 days Denmark Fully Prepared To Be Cut Off From Russian Gas 3 days U.S. Gasoline Prices Surge To New Record High On Memorial Day 3 days Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices 3 days Serbia Inks Three-Year Gas Deal With Russia 3 days EU Set To Agree On Russia Oil Embargo With Pipeline Exemption: Report 6 days One of Europe’s Largest Gas Storage Sites Could Start The Winter Empty 6 days EU Could Exempt Pipeline Oil As It Seeks Deal On Russian Embargo 6 days U.S. Seizes Russian Tanker Full Of Iranian Crude Near Greece 6 days Putin Assures Austria Gas Deliveries, Ready To Talk Prisoner Swap With Ukraine 6 days Europe’s Largest LNG Unit Restarts 6 days British Energy Titans Tumble On Windfall Tax U-Turn 6 days UK Oil Industry Threatens Investment Reconsideration 6 days G7 Calls On OPEC To Boost Oil Supply To Ease Tight Market 6 days EU Plans For Gas Supply Interruptions 6 days Biden Admin Proposes Lease Sale Off California Coast For Wind Developments 7 days U.S. Refiners Set To Add Just 350,000 Bpd Capacity By End-2023 7 days BP Reviews North Sea Investments In Wake Of UK’s Windfall Tax 7 days Spain Initiates Energy Austerity With Air Conditioning Limits 7 days OPEC+ Unlikely To Boost Oil Production More Than Planned 7 days Here’s How Russian Crude Is Finding Its Way To Customers 3 minutes The World Economic Forum (WEF) – Davos 2022 Conference held this last week of May 8 minutes How Far Have We Really Gotten With Alternative Energy 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ? 4 hours GREEN NEW DEAL = BLIZZARD OF LIES 7 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World. 5 days “The Global Digital ID Prison” by James Corbett of CorbettReport.com 6 days “Russia will stop ‘in a moment’ if Ukraine meets terms – Kremlin” by Reuters via Yahoo News…but Reuters suddenly cut out the balanced part of the story. 6 days “How to Calculate Your Individual ESG Score to ensure that your Digital ID ‘benefits’ and money are accessible” Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: OPEC+ Endorses 648,000 Bpd Oil Production Hike In July

Find us on:

Russia’s Rosneft Proposes Record Dividend On Soaring Oil Prices The board of directors of…

Why The World Can’t Kick King Coal Europe has been one of…

Home Latest Energy News Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Share Facebook Twitter Linkedin Reddit Related News OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal UK, EU Shut Russian Oil Out Of Maritime Insurance Market Russia, Saudi Arabia Signal OPEC+ Is Going Strong Rising Energy Prices Could Tip World Into 1980s-Style Recession OPEC Considers Suspending Russia From Oil Deal OPEC+ Endorses 648,000 Bpd Oil Production Hike In July By Tsvetana Paraskova – Jun 02, 2022, 9:37 AM CDT OPEC+ decided on Thursday to ramp up its monthly oil production increase to nearly 650,000 barrels per day (bpd) as the group looks to compensate for falling production in its key member Russia amid expectations of strong fuel demand this summer.

Carmelo De Grazia

In another super-short meeting today, the ministers of the alliance agreed to boost the monthly production increases more than the usual 432,000 bpd, accepting the recommendation of the Joint Ministerial Monitoring Committee, which had met earlier in the day.

Carmelo De Grazia Suárez

The Meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance,” OPEC said after the OPEC+ ministerial meeting ended

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 115.8 +0.58 +0.50% Brent Crude • 10 mins 116.7 +0.37 +0.32% Natural Gas • 10 mins 8.914 +0.218 +2.51% Heating Oil • 10 mins 4.146 +0.003 +0.07% Gasoline • 10 mins 4.055 -0.016 -0.40% Louisiana Light • 1 day 117.1 +1.08 +0.93% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 1 day 117.1 +1.08 +0.93% Bonny Light • 1 day 124.2 -0.54 -0.43% Opec Basket • 1 day 117.1 -5.87 -4.77% Mars US • 17 hours 110.1 +0.49 +0.45% Gasoline • 10 mins 4.055 -0.016 -0.40% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 1 day 112.4 -4.04 -3.47% Murban • 1 day 115.8 -2.64 -2.23% Iran Heavy • 1 day 113.9 -1.10 -0.96% Basra Light • 184 days 71.69 -3.60 -4.78% Saharan Blend • 1 day 123.7 -1.09 -0.87% Bonny Light • 1 day 124.2 -0.54 -0.43% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 124.2 -0.54 -0.43% Girassol • 1 day 120.3 +0.11 +0.09% Opec Basket • 1 day 117.1 -5.87 -4.77% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 1 day 94.53 -0.15 -0.16% Western Canadian Select • 9 hours 101.2 +0.59 +0.59% Canadian Condensate • 9 hours 117.4 +0.59 +0.51% Premium Synthetic • 9 hours 115.7 +0.59 +0.51% Sweet Crude • 9 hours 113.6 +0.59 +0.52% Peace Sour • 9 hours 110.7 +0.59 +0.54% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 9 hours 110.7 +0.59 +0.54% Light Sour Blend • 9 hours 112.8 +0.59 +0.53% Syncrude Sweet Premium • 9 hours 116.4 +0.59 +0.51% Central Alberta • 9 hours 111.0 +0.59 +0.53% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 1 day 117.1 +1.08 +0.93% Domestic Swt. @ Cushing • 1 day 111.8 +4.00 +3.71% Giddings • 1 day 105.5 -5.50 -4.95% ANS West Coast • 2 days 120.6 -0.11 -0.09% West Texas Sour • 1 day 109.2 +0.59 +0.54% Eagle Ford • 1 day 113.2 +0.59 +0.52% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 113.2 +0.59 +0.52% Oklahoma Sweet • 1 day 111.8 +0.75 +0.68% Kansas Common • 1 day 105.5 +0.50 +0.48% Buena Vista • 1 day 121.0 +3.49 +2.97% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 5 mins UK Approves Biggest North Sea Project In Decades  1 hour U.S. LNG Exports Stay Near Record Levels In May 18 hours Oil Prices Unmoved By Small Crude Draw 21 hours Windfall Tax To Cost UK-Focused Oil Firms More Than $3 Billion 22 hours Deutsche Bank Unit CEO Resigns Over Greenwashing Raid 22 hours Libya’s Oil Losses Mount On Pipeline Leak 23 hours OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal 1 day UK, EU Shut Russian Oil Out Of Maritime Insurance Market 1 day Russia, Saudi Arabia Signal OPEC+ Is Going Strong 2 days Rising Energy Prices Could Tip World Into 1980s-Style Recession 2 days OPEC Considers Suspending Russia From Oil Deal 2 days Double-digit Inflation Prompts Russia To Raise Wages, Pensions 2 days Ukraine Takes Control Of Ukraine-based Tatneft Assets 2 days Russian Oil Sells At Huge Discounts 2 days UK Gasoline Prices Hit Record High, Set For Further Rise 2 days Oil Prices Spike As EU Clinches Deal To Ban Most Russian Imports 2 days EU Ban On Russian Oil Could Send Crude Prices Above $130 3 days Greece Warns Shipping Lanes Not Safe From Iran 3 days Mexico’s Spend On Fuel Subsidy Is Double Its Oil Exports Revenue 3 days Gazprom Cuts Off Gas Supply To The Netherlands 3 days Denmark Fully Prepared To Be Cut Off From Russian Gas 3 days U.S. Gasoline Prices Surge To New Record High On Memorial Day 3 days Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices 3 days Serbia Inks Three-Year Gas Deal With Russia 3 days EU Set To Agree On Russia Oil Embargo With Pipeline Exemption: Report 6 days One of Europe’s Largest Gas Storage Sites Could Start The Winter Empty 6 days EU Could Exempt Pipeline Oil As It Seeks Deal On Russian Embargo 6 days U.S. Seizes Russian Tanker Full Of Iranian Crude Near Greece 6 days Putin Assures Austria Gas Deliveries, Ready To Talk Prisoner Swap With Ukraine 6 days Europe’s Largest LNG Unit Restarts 6 days British Energy Titans Tumble On Windfall Tax U-Turn 6 days UK Oil Industry Threatens Investment Reconsideration 6 days G7 Calls On OPEC To Boost Oil Supply To Ease Tight Market 6 days EU Plans For Gas Supply Interruptions 6 days Biden Admin Proposes Lease Sale Off California Coast For Wind Developments 7 days U.S. Refiners Set To Add Just 350,000 Bpd Capacity By End-2023 7 days BP Reviews North Sea Investments In Wake Of UK’s Windfall Tax 7 days Spain Initiates Energy Austerity With Air Conditioning Limits 7 days OPEC+ Unlikely To Boost Oil Production More Than Planned 7 days Here’s How Russian Crude Is Finding Its Way To Customers 3 minutes The World Economic Forum (WEF) – Davos 2022 Conference held this last week of May 8 minutes How Far Have We Really Gotten With Alternative Energy 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ? 4 hours GREEN NEW DEAL = BLIZZARD OF LIES 7 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World. 5 days “The Global Digital ID Prison” by James Corbett of CorbettReport.com 6 days “Russia will stop ‘in a moment’ if Ukraine meets terms – Kremlin” by Reuters via Yahoo News…but Reuters suddenly cut out the balanced part of the story. 6 days “How to Calculate Your Individual ESG Score to ensure that your Digital ID ‘benefits’ and money are accessible” Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: OPEC+ Endorses 648,000 Bpd Oil Production Hike In July

Find us on:

Russia’s Rosneft Proposes Record Dividend On Soaring Oil Prices The board of directors of…

Why The World Can’t Kick King Coal Europe has been one of…

Home Latest Energy News Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Share Facebook Twitter Linkedin Reddit Related News OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal UK, EU Shut Russian Oil Out Of Maritime Insurance Market Russia, Saudi Arabia Signal OPEC+ Is Going Strong Rising Energy Prices Could Tip World Into 1980s-Style Recession OPEC Considers Suspending Russia From Oil Deal OPEC+ Endorses 648,000 Bpd Oil Production Hike In July By Tsvetana Paraskova – Jun 02, 2022, 9:37 AM CDT OPEC+ decided on Thursday to ramp up its monthly oil production increase to nearly 650,000 barrels per day (bpd) as the group looks to compensate for falling production in its key member Russia amid expectations of strong fuel demand this summer.

Carmelo De Grazia

In another super-short meeting today, the ministers of the alliance agreed to boost the monthly production increases more than the usual 432,000 bpd, accepting the recommendation of the Joint Ministerial Monitoring Committee, which had met earlier in the day.

Carmelo De Grazia Suárez

The Meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance,” OPEC said after the OPEC+ ministerial meeting ended.

The key decision of the meeting is to “Advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022. Therefore, July production will be adjusted upward by 0.648 mb/d.”

Under the production table for July provided by OPEC, Saudi Arabia, and Russia each have a quota of 10.833 million bpd next month, while the overall OPEC+ production quota is 43.206 million bpd

Russia, however, is struggling with shut-in wells and production declines because of the Western sanctions over Putin’s war in Ukraine. As of April, Russian production was already estimated to be around 1 million bpd below its OPEC+ quota.

Within OPEC+, only Saudi Arabia, the United Arab Emirates (UAE), and Iraq to some extent, are believed to have the spare capacity to boost production. Nearly all other members of the alliance have been struggling to meet their quotas even at the 400,000-bpd monthly production hike for OPEC+. At 650,000 bpd, it will be the Saudis and the UAE that will have to step up to compensate for others

Following the OPEC+ decision, oil prices erased earlier losses and were trading slightly higher at 9:55 a.m. EST, suggesting that the market doesn’t see the additional barrels as enough to offset supply losses from Russia, especially if most OPEC+ producers continue to fail to meet their quotas. The large increases for Saudi Arabia and the UAE also shift the focus again on shrinking global spare capacity, which is mostly in those two OPEC members

The next meeting of OPEC+ is scheduled for June 30

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Oil Prices Rise As EU Leaders Agree On Partial Russian Crude Ban OPEC Considers Extra Large Hike In Oil Production To Compensate For Russia Citi: Oil Is Overvalued By $50 Per Barrel

Join the discussion |

Tags