Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Saudi Arabia's Falih: OPEC discussing 1 mil b/d nominal hike pro-rata to all countries

Oil | Crude Oil | Oil Risk | Shipping | Marine Fuels | Tankers

Saudi shut-in after attacks, and an exploding scrubber: just another week in oil

Oil

Platts Market Data – Oil

NGL | Oil | Crude Oil | LPG | Oil Risk | Petrochemicals

Platts University New York

Oil | Crude Oil | Oil Risk

After Abqaiq, analysts see higher oil price risk premium, more supply disruptions

Saudi Arabia's Falih: OPEC discussing 1 mil b/d nominal hike pro-rata to all countries

Vienna — Saudi Arabia's oil minister Khalid Al-Falih said Friday that OPEC wasdiscussing a nominal 1 million b/d increase of oil output starting from July1.

Not registered?

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

Register Now

The increases in supply will be distributed "pro-rate" between the entire24-member group of OPEC and its allies led by Russia, said Al-Falih.

"Producing oil at the wellhead is one thing but selling it to customers issomething else," Al-Falih told reporters at the start of OPEC's officialgathering.

"Production will be based on countries' ability, as we know some countries areunable to meet their targets."

Riyadh, which has around 2 million b/d of spare capacity, is under pressurefrom US President Donald Trump to release more barrels and cool the marketahead of the summer peak demand season. However, doing so risks alienatingOPEC partners especially Iran which objects to the proposal.

OPEC produced 31.90 million b/d in May, according to the latest S&P GlobalPlatts OPEC survey -- about 840,000 barrels below its ceiling of about 32.74million b/d, when every country's quota is added up.

Venezuela accounts for some 610,000 b/d of the decline.

--Andy Critchlow, andrew.critchlow@spglobal.com

--Rosemary Griffin, rosemary.griffin@spglobal.com