Report by Bankinter This marks the fourth consecutive monthly increase: in April and May, production rose by 206,000 bpd each month, and in June by 188,000 bpd. Bankinter analysis team’s view: the impact of the news is moderate, in a context where supply has fallen sharply. As a reference, in April OPEC+ production stood at 33.2 million barrels per day (Mbd), representing a reduction of almost 10 Mbd compared to…
Link Securities | The seven countries of the OPEC+ alliance, which had previously announced voluntary oil production cuts in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, held a meeting yesterday, Sunday, to review global market conditions and their outlook. In their collective commitment to supporting market stability, the seven participating countries decided to implement a production increase of 188,000 barrels per day from…
Bankinter | The United Arab Emirates (UAE) announced yesterday its decision to leave OPEC on 1 May, a move it says will help it meet changing demand. The news is significant because: (i) it produces around 3 million bpd (3% of global output). Against a backdrop of structurally high oil prices, the UAE would prefer not to be subject to constraints and specific quotas. (ii) It reflects internal tensions within…
Bankinter | OPEC+ to increase oil production by +206,000 bpd from April. The increase is justified by the fact that the global economic outlook is stable and oil reserves are low. Bankinter analysis team’s view: This decision has been taken by Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Algeria, Kazakhstan and Oman. It is part of the objective of gradually introducing into the market the 1.65 Mb/d of voluntary cuts…
Bankinter | OPEC estimates that there will be an oil surplus of 20,000 bpd in 2026, which contrasts with the deficit forecast in previous reports: 70,000 bpd in September and 50,000 bpd in October. Yesterday, Brent fell by almost 4% for this reason. This contrasts with what the International Energy Agency (IEA) published the day before: global demand for oil and gas will increase over the next 25 years, as…
Link Securities | The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to a modest increase in production, easing market fears of a larger rebound. On Sunday, the oil-producing alliance agreed to increase its production by 137,000 barrels per day (bpd) in November, matching October’s increase, with markets viewing the move as cautious amid persistent concerns about potential oversupply. OPEC+ described its latest move as…
Bankinter | OPEC+ agreed to increase production in September by 547,000 b/d. This is the sixth consecutive monthly increase. With this move, it completes the restoration of 2.2 Mbd that it withdrew from the market in 2023. OPEC justifies its decision on the basis of the stability of the global economic outlook and the solid fundamentals of the market (low inventory levels). As a reference, OPEC+ (which includes other countries…
Bankinter | OPEC+ has agreed to increase production in August by 548,000 bpd. As a reference, in April, production increased by 138,000 bpd and 411,000 bpd in May, June and July. OPEC+ (including other countries such as Russia and Mexico) produces 41 Mbd (just over 40% of global supply). This increase will come from eight members, including Saudi Arabia, Russia and the United Arab Emirates. Analysis team’s view: The news…
Link Securities | According to a report yesterday by Dow Jones, the Organisation of Petroleum Exporting Countries (OPEC) has reduced its estimate for oil supply growth next year for both the US and other competitors, while maintaining its oil demand expectations unchanged as it continues to increase production. OPEC now expects supply from non-OPEC+ producers to increase by 730,000 barrels per day in 2026, compared to 800,000 barrels per day…
Bankinter | OPEC agrees to increase production in June by 411,000bd. As a reference, in April OPEC increased its production by 138,000bd and 411,000bd in May. Therefore, it introduces this amount for the second consecutive month. OPEC has the objective of bringing 2.2Mbd to market and, if this increase is maintained, it would achieve its objective in September this year, compared to July 2026, as predicted in April. As a…