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03/04/2025 02:45 AST
Eight members of OPEC+, the oil producers group led by Saudi Arabia and Russia, will meet on Thursday to discuss how to convince Kazakhstan to stop exceeding its output quota and how it can compensate for overproduction.
Record Kazakh output has angered several other members of the group. The meeting "is just to make the new Kazakhstan minister aware of the importance of meeting his required production and compensating for the surplus," one delegate said. Erlan Akkenzhenov was appointed Energy Minister last month.
OPEC+ members are scheduled to raise oil output by 135,000 barrels per day in May, and the group is expected to proceed with this plan. The May increase is the next increment of a plan agreed by Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million barrels a day, which came into effect this month.
OPEC+ also has 3.65 million barrels a day of other output cuts in place until the end of next year. This week Russia ordered the Black Sea terminal handling Kazakhstan's oil exports to close two of its three moorings, a move which is widely expected to slash the country's production as a result.
Reuters
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 72.16 | 0.16 | 0.22 |
| WTI | 68.28 | 0.21 | 0.31 |
| OPEC Basket | 74.25 | 1.12 | 1.53 |
03/04/2025
Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 11:00 p.m. Saudi time, fearing they could exacerbate a global trade war and dampen
Reuters
29/03/2025
Oil prices were set for a third weekly gain on Friday as the US ramped up pressure on Venezuela and Iran, though worries over whether Washington's tariff war could curb demand weighed on markets.
Reuters
28/03/2025
Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil
Reuters
27/03/2025
Oil prices edged higher on Wednesday on supply concerns with the US stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in US crude inventories also len
Reuters
25/03/2025
Oil prices slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.
B
Reuters
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