The cautious decision of OPEC+ to increase oil production quota by just 100,000 barrels per day in September for all countries in total was taken in view of certain concerns and the unstable market situation, Russian Deputy Prime Minister Alexander Novak said on Wednesday in an interview with the Rossiya-24 TV Channel.
With western sanctions looming and many nations shunning it, Russia appears to have discovered a new gateway for its crude.
Participants in the OPEC+ deal may consider increasing oil production, Minister of Energy of Kazakhstan Bolat Akchulakov announced at a briefing on Wednesday.
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended countries of the alliance to increase oil production in September 2022 by 100,000 barrels daily.
The OPEC+ is set to meet on Wednesday (3 August) amid market expectations for a steady or a slight increase of oil output as most of its members are already pumping near capacity and cannot meet U.S. calls for bigger production to help address soaring prices.
India may have rolled back its jet fuel and diesel taxes, but the government increased its windfall tax on crude oil exports by 4.41% on Tuesday to take effect on Wednesday.
Venezuela’s crude oil exports fell in July, Refinitiv Eikon data showed on Tuesday, as oil markets are on the prowl for additional oil supplies to ease the tight market.
The Biden administration issued a new round of sanctions Monday targeting the sale of Iranian oil and petrochemical products to East Asia, dialing up the pressure on Iran to resume compliance with the tattered nuclear agreement.
Oil production in Libya has hit 1.2 million barrels per day, the level the country was producing prior to its declaration of force majeure in April.
Saudi Arabia recorded a GDP growth rate of 11.8 percent for the second quarter, driven by a 23.1-percent rise in oil income.