OPEC+ oil-producing countries will likely agree a further hike in their output target for July when they meet on Sunday, Reuters said quoting three sources.
Oil prices extended their decline on Tuesday, although they initially staged a modest recovery after plunging nearly 5% in the previous session following reports of a breakthrough agreement between the United States and Iran.
Saudi Arabia's oil sector is poised for a strong recovery next year as export routes gradually normalise and crude production returns to pre-disruption levels, according to Riyad Capital, which forecasts oil-sector growth of 14.3% in 2027.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement.
The UAE's energy major ADNOC has announced two strategic collaboration agreements with Indian partners, reinforcing the strong and expanding UAE‑India energy partnership.
Oil prices extended their rally on Friday as geopolitical tensions around Strait of Hormuz remained unresolved, with both Iran and the United States showing no signs of de-escalation.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Oil prices climbed on Monday as markets reacted to US President Donald Trump's threat of further action against Iran and set a Tuesday evening deadline linked to the reopening of the Strait of Hormuz.
Oil prices could rise to $120–$130 a barrel in the near term, with a risk of climbing above $150 if supply flows through the Strait of Hormuz remain disrupted into mid-May, according to a JP Morgan note cited by Reuters.
Global oil prices climbed further on Monday, underscoring mounting concern over the energy crisis triggered by the US-Iran conflict and shipping disruptions in the Strait of Hormuz.
