OPEC+ is expected to raise oil production this week, even as prices linger around $60 per barrel. This decision follows pressure from U.S. President Donald Trump and Saudi Arabia’s efforts to enforce production quotas among members. Recent announcements from Saudi Arabia, Russia, and others indicate a significant increase in production for May and June. The group, consisting of 22 oil-dependent nations, has been strategically managing supply to influence prices.
OPEC+ will hold two meetings this week: one online for all members and another forOPEC+ to Increase Oil Production Despite Price Slump
OPEC+ is expected to raise oil production this week, even as prices linger around $60 per barrel. This decision follows pressure from U.S. President Donald Trump and Saudi Arabia’s efforts to enforce production quotas among members. Recent announcements from Saudi Arabia, Russia, and others indicate a significant increase in production for May and June. The group, consisting of 22 oil-dependent nations, has been strategically managing supply to influence prices.
OPEC+ will hold two meetings this week: one online for all members and another for the eight nations that have made the largest production cuts. Analysts predict a production increase of 411,000 barrels per day for July, exceeding initial plans. Despite justifying their strategy with “healthy market fundamentals,” there are doubts due to global demand concerns linked to trade tensions. Countries like Kazakhstan and Iraq have exceeded quotas, raising tensions within the cartel.
Trump’s push for lower oil prices has influenced OPEC+’s actions. Additionally, potential U.S.-Iran negotiations could impact the market if sanctions are lifted. The upcoming OPEC+ meetings will be critical in shaping the oil market amid ongoing geopolitica the eight nations that have made the largest production cuts. Analysts predict a production increase of 411,000 barrels per day for July, exceeding initial plans. Despite justifying their strategy with “healthy market fundamentals,” there are doubts due to global demand concerns linked to trade tensions. Countries like Kazakhstan and Iraq have exceeded quotas, raising tensions within the cartel.
Trump’s push for lower oil prices has influenced OPEC+’s actions. Additionally, potential U.S.-Iran negotiations could impact the market if sanctions are lifted. The upcoming OPEC+ meetings will be critical in shaping the oil market amid ongoing geopolitical pressures and fluctuating demand.
