- Oil steady as markets prep for upcoming OPEC+ meeting
- The WTI prompt-month contract rose $0.59 to $65.70/Bbl Tuesday morning (7:45 AM CT)
- According to Dow Jones, OPEC+ is expected to approve another super-sized production hike at Sunday’s meeting
- This would mark the fourth consecutive month with a large hike and push total supply increases by ~1.8 MMBbl/d since April
- Saudi exports rising rapidly (Bloomberg)
- Saudi Arabia is exporting crude at the fastest rate in over a year
- The OPEC+ leader has been pushing for larger hikes to regain market share
- According to Bloomberg, the kingdom increased exports by 441MBbl/d in June to 6.36 MMBbl/d
- Saudi’s rising exports come at a time of seasonal demand for air conditioning which tends to keep supplies at home
- The increase in exports for the month of June was larger than the total June OPEC+ production hike of 411 MBbl/d
- Once summer demand is done, the Saudis could export additional barrels
- Saudi Arabia is exporting crude at the fastest rate in over a year
- Equinor, Aker BP to expand Johan Sverdrup (Bloomberg)
- The two Nordic producers will spend $1.3 B to boost reserves from the Johan Sverdrup
- The new sub-sea infrastructure will increase recoverable volumes by 40 M to 50 MBOE with production set to start in 4Q 27
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