The post OPEC+ to further speed up oil output hikes appeared on BitcoinEthereumNews.com.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) is set to further speed up oil output hikes. Citing five sources, Reuters reported that this could bring back to the market as much as 2.2 million barrels per day by November.  The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. The decision follows a surprise move in April by agreeing to a bigger-than-expected output hike for May despite weak prices and slowing demand. Market reaction At the time of press, the WTI price was down 4.34% on the day at $55.65.  WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars,…

---

Filed under: News - @ May 5, 2025 12:17 am