{"id":93,"date":"2025-07-11T01:12:12","date_gmt":"2025-07-11T01:12:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/93\/"},"modified":"2025-07-11T01:12:12","modified_gmt":"2025-07-11T01:12:12","slug":"opec-supply-increase-necessary-for-global-market-middle-east-officials-say","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/93\/","title":{"rendered":"OPEC+ supply increase necessary for global market, Middle East officials say"},"content":{"rendered":"

(Bloomberg) \u2013 Senior officials from three of OPEC\u2019s core producer nations \u2014 Saudi Arabia, the United Arab Emirates, and Kuwait \u2014 lined up to say that the super-sized addition of supply by the producer club at the weekend was needed by the global market.\u00a0<\/p>\n


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Oil prices managed gains this week, a sign that the market has largely shrugged off the larger-than-expected output hike announced on Saturday by the Organization of the Petroleum Exporting Countries and allies. Despite the current tightness, forecasters are pointing out that supply growth is at risk of outpacing demand later in the year.<\/p>\n

\u201cYou can see that even with the increase in several months, we haven\u2019t seen a major buildup in the inventories, which means the market needed those barrels,\u201d said Suhail Al Mazrouei, the United Arab Emirates energy minister, on the sidelines of a conference that the group is holding in Vienna. His comments were echoed by officials at the state oil companies of Saudi Arabia and Kuwait.<\/p>\n

Signs of a tight market include crude oil stockpiles at the key U.S. storage hub of Cushing, Oklahoma that are at their lowest seasonally since 2014, as well as a collapse in America\u2019s diesel inventories. Timespreads point to tight supply-and-demand dynamics in the near term.<\/p>\n

In April, OPEC+ announced \u2014 to the surprise of the market \u2014 the addition of 411,000 bpd of production to the global market, repeating the increase again in May and June. It went one step further on Saturday with a hike of 548,000 bpd.<\/p>\n

Sheikh Nawaf Al-Sabah, chief executive officer of Kuwait Petroleum Corp., said Wednesday in a Bloomberg TV interview on the sidelines of the seminar that the market\u2019s in good shape. \u201cWe\u2019re seeing some potential tightness in the market, which gives us an opportunity to capture market share in the future,\u201d he said.<\/p>\n

Speaking with Bloomberg TV on Thursday, the Republic of Congo\u2019s Minister of Hydrocarbons Bruno Jean-Richard Itoua said it was premature to reveal the group\u2019s next move, but if the data show a need to add further barrels in September, they\u2019ll do it. \u00a0<\/p>\n

\u201cYou know OPEC and OPEC+, what we want isn\u2019t to increase prices or decrease prices \u2014 we\u2019re not playing games,\u201d he said. \u201cWe want the best stability for the market,” said Itoua.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) \u2013 Senior officials from three of OPEC\u2019s core producer nations \u2014 Saudi Arabia, the United Arab Emirates,…\n","protected":false},"author":2,"featured_media":94,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,128,124,133,112,129,127,125,126,123,131,132,130],"class_list":["post-93","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-global-commodities","tag-global-market","tag-kuwait","tag-markets","tag-middle-east","tag-oil-demand","tag-oil-market","tag-oil-supply","tag-opec","tag-saudi-arabia","tag-totalenergies","tag-uae"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/93","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=93"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/93\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/94"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=93"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=93"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=93"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}