Saudi Press

Saudi Arabia and the world
Monday, Jul 14, 2025

Hope of big oil price falls are dashed as OPEC+ agrees token production increase

Hope of big oil price falls are dashed as OPEC+ agrees token production increase

The output hike planned by the OPEC+ group of oil-producing nations fails to meet the volume that had been hoped for by the US government as Western economies are gripped by energy-sector led inflation.

Hope of a meaningful drop in global oil prices have been dashed after a major group of oil-producing nations, including Russia, agreed to increase volumes by a much lower rate than requested.

The United States had called on the OPEC+ cartel to raise output by at least 300,000 barrels per day (bpd) to help ease prices.

They began climbing steadily from pandemic lows as economies got back in gear following COVID restrictions but spiked in the wake of Russia's war in Ukraine, exacerbating fears that supply could fail to meet demand.


But the cartel - which is led by Saudi Arabia - and its allied non-members said on Wednesday that they would collectively raise their oil output target by 100,000 barrels per day.

Brent crude was trading slightly up at just over $100 a barrel on the news while US crude futures slipped slightly to $94 though both were later down by 3%.

While the US had asked the group to boost production, spare capacity is limited and Saudi Arabia may be reluctant to
beef up output at the expense of OPEC+ partner Russia, hit by Western sanctions over the Ukraine conflict.


Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 bpd to 800,000 bpd, according to the Reuters news agency.

Global oil prices have been among the drivers of inflation across Western economies.

While Russia is among the largest producers, it has been the reduction in its natural gas exports to Europe that have made the inflation problem more acute.

State-owned Gazprom has reduced output to just 20% of capacity in the core Nord Stream 1 pipeline, threatening to leave continental Europe with a shortage heading into the key winter season of high demand.

UK wholesale prices have also risen in sympathy because of the wider scramble to secure more stocks.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
×