Topic
opec
Commodities Saudi Arabia slashes August crude prices for Asia by $11 a barrel in biggest cut in over 20 years
Saudi Arabia has slashed its official selling price for August crude oil deliveries to Asia by $11 per barrel, marking the largest cut in over two decades, according to a Times of India report.
Commodities Saudi Arabia Slashes Crude Prices by $11/Barrel, Deepest Cut in 26 Years
Saudi Arabia cut its crude oil prices by $11 per barrel for August, the deepest single-month reduction in 26 years, amid rising OPEC+ output and resumption of flows through the Strait of Hormuz. The discount on Arab Light Crude follows a $6/barrel cut for July, and brings prices back to pre-war levels. Brent crude futures fell 47 cents to $71.7 a barrel, while OPEC+ agreed to further increase output by 188,000 bpd from August.
Commodities OPEC+ to Prioritise Oil Supply Over Price Floor Until Hormuz Normalises, Says Kotak Securities Analyst
OPEC+ is prioritising oil supply over defending a price floor, according to Kotak Securities analyst Anindya Banerjee, as the Strait of Hormuz remains only half-normalized. Brent crude staying below $85 per barrel will benefit India, but a full normalization of Hormuz over the next six to nine months could lead to a surplus if OPEC+ continues unwinding cuts amid weak demand. Internal divisions within OPEC+, including UAE stepping out and Iraq demanding higher quotas, complicate the group's cohesion.
Commodities Oil prices slip after OPEC+ agrees to raise output targets from August
Oil prices edged lower on Monday after OPEC+ agreed to raise production targets by 188,000 barrels per day from August, the fifth consecutive monthly increase. Brent crude fell 0.58% to $71.70 per barrel, while WTI eased 0.36% to $68.44. The decline was fueled by improving Gulf exports and record-high Russian crude shipments, offsetting ongoing supply constraints from the Strait of Hormuz disruption.
Commodities OPEC+ agrees fresh August oil output hike as Strait of Hormuz reopens
OPEC+ has agreed to increase oil production quotas by 188,000 barrels per day (bpd) from August, continuing the unwinding of earlier cuts. The decision comes as the Strait of Hormuz reopens following a US-Israeli war on Iran that had disrupted exports. Oil prices have retreated to pre-war levels, with Brent crude settling near $72 per barrel.
Commodities OPEC+ Agrees in Principle on 188,000 b/d Output Hike for August, Delegates Say
OPEC+ preliminarily agreed to increase oil output quotas by 188,000 b/d in August, delegates said. The increase, if ratified, would add to a total of 940,000 b/d since the war began. Restored shipments after the US-Iran peace pact have created a surplus in Asian markets and erased the war rally.
Commodities OPEC Global Crude Share Could Drop to 31% Without UAE, EIA Data Shows
The United Arab Emirates' departure from OPEC could reduce the group's share of global crude oil production from 35% to 31%, according to US EIA data. The exit, effective May 1, 2026, also impacts the OPEC+ alliance's share and comes amid significant production disruptions from the Strait of Hormuz closure.
Commodities Middle East Peace Deal: Iran to Resume Oil Exports as Brent Crude Plunges Below $78
The US and Iran are set to sign an interim memorandum of understanding, allowing Iran to immediately resume oil exports and access a $300 billion economic development programme. Brent crude dropped below $78/barrel, falling 15% over four sessions, as markets price in increased supply from the reopening of the Strait of Hormuz.
Commodities OPEC+ Increases Oil Output Targets Amid Geopolitical Tensions
OPEC+ has approved a fourth consecutive increase in oil production targets, raising July output by 188,000 bpd. This decision comes amid ongoing disruptions in the Strait of Hormuz due to the US-Iran conflict, affecting global oil supply.