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Phil Flynn, senior analyst at Price Futures group: There seems to be some profit-taking in the oil market due to concerns that OPEC will increase production by more than expected.July 5, Swissquote senior market analyst Ipek Ozkardeskaya: The preference for the US dollar is weakening. First, concerns about US debt are rising, and second, the preference for US debt is facing risks. Another reason is that the tariff situation and trade disruptions will have a negative impact on US economic growth, and the Federal Reserve may not be able to support the economy when inflation risks rise.July 5th news: On July 4th local time, a federal judge in the United States briefly halted the Trump administrations plan to deport eight immigrants to South Sudan in order to buy time for their lawyers to state their claims in a Massachusetts court.On July 5, institutional analyst Javier Blas said that OPEC+ representatives are discussing a fourth consecutive increase of 411,000 barrels per day, but there is also the possibility of a "slightly larger" increase. According to the increased UAE quota, OPEC+ will return about 2.5 million barrels per day of production to the market. So far, about 1.4 million barrels per day have been returned (one increase of 138,000 barrels per day and three increases of 411,000 barrels per day). Next, the remaining increase may be divided into three monthly increases (two 411,000 barrels per day and one about 275,000 barrels per day). But it is also possible to accelerate the increase in production and make two increases of about 550,000 barrels per day.French President Emmanuel Macron: Airbus and Malaysia Airlines have reached a "historic" cooperation agreement. (Previously, AirAsia Bhd. reached a preliminary agreement with Airbus to purchase up to 70 Airbus SE extended-range jets, a transaction valued at $12.3 billion.)

OPEC+ Is Working to Compensate For Reduced Russian Oil Production

Charlie Brooks

Jun 02, 2022 15:57

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OPEC+ is attempting to compensate for a decline in Russian oil production, according to two OPEC+ sources on Thursday, as Russia's production has fallen by approximately 1 million barrels per day as a result of Western sanctions imposed on Moscow over the Ukraine crisis.


One OPEC+ source familiar with Russia's position stated that Moscow could agree to other producers paying for its lower output, but it may not occur on Thursday and may not be in full.


A Gulf OPEC+ source said that a resolution on the topic was "very probable" at Thursday's meeting.


Despite tighter global markets, it is largely anticipated that the group would adhere to its scheduled monthly small output increases when it meets online later on Thursday.


However, Western sanctions imposed on Russia over Ukraine may result in production and export cuts of up to 2 to 3 million barrels per day from the world's second largest oil exporter.


In April, Russia's supply of approximately 9.4 million barrels per day (bpd) was already below its OPEC+ target of 10.44 million bpd.


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