OPEC Plus Contemplates Enhancing Daily Oil Production by 400,000 Barrels
Title: OPEC+ Contemplates Boosting Oil Production by 400K Barrels Per Day
Published: May 2nd, 2025 - 06:40 GMT Facebook "Twitter" "WhatsApp" Share OPEC+ Mulls Over 400K Barrel Daily Production Increase. (Shutterstock)
Global oil giants OPEC+ are contemplating a daily oil production increase of approximately 400,000 barrels as they strive to maintain oil market balance.
OPEC+ Ponders Production Amplification
According to insider intel, OPEC+ is pondering a final decision on this production increase for June 2025, just prior to their upcoming video conference on Saturday. Interestingly, Saudi Arabia and Russia proposed initiating the production surge this month, with an increase of around 411,000 barrels per day — virtually thrice the original suggested amount — to address the issue of overproduction among members[1].
It's worth noting that crude oil prices plummeted to nearly $60 per barrel last month. OPEC+'s collective decision is expected to gain support from US President Donald Trump, who has consistently advocated for lower production prices[2].
As a result, Brent crude futures decreased by 1.7% to $61.12, while West Texas Intermediate (WTI) sunk below $58[3].
More Oil Means More Demand by 2050
In case you missed it: OPEC predicts oil demand to reach 120M barrels per day by 2050[4].
Tags: Oil, Petrol, Brent crude, Oil Prices, OPEC, SaudiArabia, US, Trump.
Courtesy: Reema Tuqan, business articles writer for Al Bawaba.
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[1] OPEC+ Countries Agree Production Increase, ft.com[2] OPEC+ To Stick To Gradual Production Increases, OPEC Bulletin[3] OPEC+ Production Increase Could Ease Crude Prices, EIA[4] Upcoming Global Oil Demand Predictions, OPEC World Oil Outlook 2022.
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