West Texas Intermediate (WTI) crude Oil price continues to recover during Asian trading on Tuesday, hovering around $57.60 per barrel after a nearly 2% decline on Monday. However, gains were capped by concerns over rising global supply following an OPEC+ decision to accelerate output increases.
Last week, OPEC+, the Organization of the Petroleum Exporting Countries and its allies, agreed to ramp up production for a second straight month, announcing an additional 411,000 barrels per day (bpd) increase for June. This increase, contributed by eight members including Russia, brings the combined rise for April, May, and June to 960,000 bpd—effectively reversing 44% of the 2.2 million bpd in cuts implemented since 2022, according to Reuters estimates.
Sources within the group told Reuters that OPEC+ could fully reverse its voluntary cuts by the end of October if compliance with output quotas does not improve. Saudi Arabia is reportedly pressuring the group to accelerate the rollback of cuts to penalize Iraq and Kazakhstan for their repeated failure to meet agreed production targets.
Last week, OPEC+, the Organization of the Petroleum Exporting Countries and its allies, agreed to ramp up production for a second straight month, announcing an additional 411,000 barrels per day (bpd) increase for June. This increase, contributed by eight members including Russia, brings the combined rise for April, May, and June to 960,000 bpd—effectively reversing 44% of the 2.2 million bpd in cuts implemented since 2022, according to Reuters estimates.
Sources within the group told Reuters that OPEC+ could fully reverse its voluntary cuts by the end of October if compliance with output quotas does not improve. Saudi Arabia is reportedly pressuring the group to accelerate the rollback of cuts to penalize Iraq and Kazakhstan for their repeated failure to meet agreed production targets.
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97% 𝗥𝗲𝗮𝗹𝗶𝘁𝘆 𝗪𝗼𝗿𝗸
97% 𝗦𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
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𝗜 𝗻𝗲𝗲𝗱 𝗴𝗼𝗼𝗱 𝗰𝗹𝗶𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗼𝗻𝗲𝘀𝘁 𝗺𝗮𝗻
𝗜 𝘄𝗮𝗻𝘁 𝘄𝗼𝗿𝗸 𝗵𝗶𝗺 𝗼𝗻𝗹𝘆 𝗣𝗹𝗲𝗮𝘀𝗲 𝗶𝗻𝗯𝗼𝘅 𝗺
97% 𝗥𝗲𝗮𝗹𝗶𝘁𝘆 𝗪𝗼𝗿𝗸
97% 𝗦𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
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𝗜 𝗻𝗲𝗲𝗱 𝗴𝗼𝗼𝗱 𝗰𝗹𝗶𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗼𝗻𝗲𝘀𝘁 𝗺𝗮𝗻
𝗜 𝘄𝗮𝗻𝘁 𝘄𝗼𝗿𝗸 𝗵𝗶𝗺 𝗼𝗻𝗹𝘆 𝗣𝗹𝗲𝗮𝘀𝗲 𝗶𝗻𝗯𝗼𝘅 𝗺
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97% 𝗥𝗲𝗮𝗹𝗶𝘁𝘆 𝗪𝗼𝗿𝗸
97% 𝗦𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
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𝗜 𝗻𝗲𝗲𝗱 𝗴𝗼𝗼𝗱 𝗰𝗹𝗶𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗼𝗻𝗲𝘀𝘁 𝗺𝗮𝗻
𝗜 𝘄𝗮𝗻𝘁 𝘄𝗼𝗿𝗸 𝗵𝗶𝗺 𝗼𝗻𝗹𝘆 𝗣𝗹𝗲𝗮𝘀𝗲 𝗶𝗻𝗯𝗼𝘅 𝗺
97% 𝗥𝗲𝗮𝗹𝗶𝘁𝘆 𝗪𝗼𝗿𝗸
97% 𝗦𝘂𝗿𝗲 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
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𝗜 𝗻𝗲𝗲𝗱 𝗴𝗼𝗼𝗱 𝗰𝗹𝗶𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗼𝗻𝗲𝘀𝘁 𝗺𝗮𝗻
𝗜 𝘄𝗮𝗻𝘁 𝘄𝗼𝗿𝗸 𝗵𝗶𝗺 𝗼𝗻𝗹𝘆 𝗣𝗹𝗲𝗮𝘀𝗲 𝗶𝗻𝗯𝗼𝘅 𝗺
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