OPEC's crude production rose again last month, lifted by Kuwait, Saudi Arabia and Iraq. Total output now reaches 19.44 million barrels a day, though disrupted shipping data makes the increase hard to fully confirm.
OPEC's oil production rose again last month, climbing 1.16 million barrels a day to a total of 19.44 million barrels a day, according to a Bloomberg survey. Kuwait, Saudi Arabia and Iraq drove the gains, the survey found.
The increase fits OPEC+'s policy of gradually raising its output quotas. Confirming the full scale of the rise is difficult, though: disrupted shipping in the Persian Gulf and opaque shipping data made OPEC's output harder to track, the survey noted. That opacity also complicates assessments of OPEC's total impact on the global oil market, the survey added.
The increase appears consistent with scenarios where crude oil prices face downward pressure, as market pricing suggests. It may also point to a potential oversupply, which could weigh against expectations of a new all-time high in crude oil prices this year.
Traders are watching for shifts in Middle East geopolitical stability and any change to OPEC's output strategy, both of which could influence global oil supply dynamics and the odds of crude reaching a new high by year-end. Attention is also turning to the accuracy of shipment-tracking data, since improved clarity could adjust those market forecasts. Even after last month's gains, OPEC's total output remains below pre-war levels.
Source: Crypto Briefing
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