cnbc.com/2022/06/30/opec-sticks-with-planned-oil-production-hike-supply-concerns-linger.html OPEC and non-OPEC partners decide to stay the course with its production policy. It means the Middle East-dominated group will increase monthly overall production for the month of August to 648,000 barrels per day. OPEC+ said its next meeting would take place on August 3.
OPEC and non-OPEC partners decide to stay the course with its production policy. It means the Middle East-dominated group will increase monthly overall production for the month of August to 648,000 barrels per day. At the group's last gathering at the start of the month, OPEC+ decided to raise output in both July and August, bringing forward the end of the historic output cuts.
International benchmark Brent crude futures was last seen trading 0.5% lower at $115.74 a barrel. U.S. West Texas Intermediate futures traded 0.8% down at $108.93. Production has risen between 400,000 and 432,000 barrels per day each month.
Shell CEO Ben van Beurden: "There is limited spare capacity" "I cannot know how much spare capacity OPEC would have," he says. "It is not as much as what a lot of people hope or think is my estimation," he adds. "I think it is probably fair to say there is a little bit of a fear factor in the oil price"
OPEC and non-OPEC partners decide to stay the course with its production policy. It means the Middle East-dominated group will increase monthly overall production for the month of August to 648,000 barrels per day. At the group's last gathering at the start of the month, OPEC+ decided to raise output in both July and August, bringing forward the end of the historic output cuts.
International benchmark Brent crude futures was last seen trading 0.5% lower at $115.74 a barrel. U.S. West Texas Intermediate futures traded 0.8% down at $108.93. Production has risen between 400,000 and 432,000 barrels per day each month.
Shell CEO Ben van Beurden: "There is limited spare capacity" "I cannot know how much spare capacity OPEC would have," he says. "It is not as much as what a lot of people hope or think is my estimation," he adds. "I think it is probably fair to say there is a little bit of a fear factor in the oil price"
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