OPEC Oil Deal

Mohammed Imran, research analyst at Mirae Asset Sharekhan believes that global market will remain in surplus of 0.5-0.7mbpd in 2026

OPEC+ has raised output targets by more than 2.7 million barrels per day - about 2.5% of global supply - since April but slowed the pace in October and November from larger increases amid predictions

OPEC+ will increase output by 137,000 bpd from October to regain market share, a move analysts say could push Brent crude below $65 and even $55 a barrel by year-end

The more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalised in a video conference

Both contracts fell more than 2 per cent in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market

Import of Russian oil rose 7.3 per cent to 1.76 million bpd, raising its share marginally to 36 per cent while OPEC's share slipped slightly to 48.5 per cent, the data showed

The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC's web site. The scheduled cuts last until June 2026

Earliest reversal of production cuts pushed back to March 2025 on Thursday

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

Bloc members led by Saudi Arabia and Russia are holding a ministerial meeting on June 2 to decide the fate of global oil production

Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter. The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter across a blend of production and exports. Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC's secretariat, in smaller amounts. The OPEC+ countries ...

The size of potential additional cuts have not been decided yet, but two delegates said they ranged from 1 million to 2 million barrels per day (bpd) for the first quarter of 2024

India's dependence on imported oil has only grown in the past decade to over 85 per cent of its needs

The 26 blocks earmarked by the Directorate General of Hydrocarbons (DGH) for exploration and development of oil and gas under OALP IX, constitutes the largest-ever area offered by the government

Brent crude futures were up 22 cents, or 0.26%, to $86.31 per barrel at 1046 GMT. West Texas Intermediate crude futures (WTI) rose 21 cents, or 0.26%, to $82.37

The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision

If there's no increase in production, then oil at $85 to $90 a barrel is on the cards, Fereidun Fesharaki, chairman of industry consultant FGE, said in a Bloomberg TV interview

As several key Indian states witness record petrol and diesel prices, OPEC’s failure to fix a target for oil production output could hit countries like India even more. Watch this video to understand implications for the Indian economy from Vandana Hari, Founder & CEO of Vanda Insights, a Singapore-based provider of oil markets macro-analysis.

India, the world's third-biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.