OPEC+ is turning up the heat on U.S. shale producers in a renewed bid to reclaim market share, but early signs of slowdown suggest it will take more sustained pressure to truly shift the global oil balance.
Oil prices fell for the first time in three weeks, with expectations mounting that OPEC+ will raise production in July, Bloomberg reported.
The OPEC+ alliance announced on Saturday it will increase oil production by 411,000 barrels per day (bpd) in June, marking the second consecutive month of accelerated output hikes despite falling prices and dimming demand forecasts.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government's Energy Information Administration from the sources used to monitor its production and adherence to supply pacts.
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