In this list
Oil

OPEC/non-OPEC committee recommends 1 mil b/d output rise from current level

Commodities | Energy | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel

Will the Delta variant prevent a rebound in oil demand this year?

Energy | Oil | Refined Products | Jet Fuel

Platts Jet Fuel

Oil | Crude Oil | Coronavirus

S&P Global Platts APPEC Crude Workshop

Commodities | Energy | Coal | Emissions | LNG | Oil | Refined Products | Energy Oil | Bunker Fuel | Fuel Oil | Metals | Steel | Petrochemicals | Aromatics | Shipping | Marine Fuels | ESG | Energy Transition

Feature: Methanol bunkers in the limelight after Maersk's latest ship orders

Energy | Coal | Coking Coal | Emissions | Electric Power | Energy Transition | Oil | Crude Oil | Metals | Non-Ferrous | Steel | Steel Raw Materials | ESG

Fuel for Thought: Energy transition, like oil, needs strategic reserves

OPEC/non-OPEC committee recommends 1 mil b/d output rise from current level

Vienna — A six-country monitoring committee overseeing the OPEC/non-OPECproduction cut deal will recommend a 1 million b/d output rise fromcurrent levels, Saudi energy minister Khalid al-Falih said Thursday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

But Falih did not delineate how those barrels would be allocated acrossthe 24 countries participating in the deal, nor an exact ramp-upschedule.

"Naturally it is going to be gradual, very few counties can flick on aswitch," he told reporters after the committee met for five hours. "Ithink it will be over time, it will take weeks, if not months, for thesevolumes to reach the market so I don't expect a shock to the market."

OPEC and 10 non-OPEC partners led by Russia are in the midst of a 1.8million b/d supply cut agreement.

Saudi Arabia and Russia have said they would like to ease the quotas tomake up for any supply gap caused by declines in sanctions-hit Venezuelaand Iran.

But Iran, whose oil minister Bijan Zanganeh walked out of the monitoringcommittee meeting after an hour despite being invited, is opposed toraising the quotas and insists that members not infringe on othercountries' market share.

Falih, in his opening remarks at the monitoring committee meeting, saidhe foresaw a supply gap in the coming months of 1.7 million b/d that theOPEC/non-OPEC coalition needs to address to prevent a demand-sappingprice spike.

Demand in the second half of the year would be 2 million b/d higher thanin the first half, Falih forecast. Meanwhile, production among OPEC andits 10 non-OPEC partners in a supply cut agreement has fallen 2.8 millionb/d -- 1 million b/d more than originally intended. --Staff, newsdesk@spglobal.com

--Edited by Valarie Jackson, newsdesk@spglobal.com