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International, 10 June, 2025 : Despite supply constraints, the OPEC+ alliance's plan to boost oil production is having a limited impact on global oil prices. OPEC+, which accounts for nearly half of the world’s oil production, has announced plans to increase output by নে86 411,000 barrels per day in July, marking the fourth consecutive month of production hikes. However, according to a Reuters survey, OPEC’s production in May saw only a modest increase.
Iraq has been producing less oil than its target to compensate for previous overproduction, while Saudi Arabia and the United Arab Emirates have also increased output at a lower rate than their allocated quotas. Meanwhile, Iran has rejected a U.S. proposal regarding its nuclear deal as "unacceptable" and announced plans to submit a counterproposal. If Iran is freed from U.S. sanctions, an increase in its oil exports could further pressure global oil prices.
Analysts note that the oil market is currently navigating significant geopolitical and economic uncertainties. U.S.-China talks, OPEC’s production policies, and developments surrounding Iran could lead to substantial price volatility in the coming days.
AI/MR
