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OPEC+ agrees to hold December oil output target steady
Oil production targets for December will remain unchanged following Sunday’s agreement by the Organization of Petroleum Exporting Countries and its allies (OPEC+).
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are the group’s seven key members. An official statement confirmed that September’s required production levels would be retained for December. Saudi Arabia’s allocation was set at 10.478 million barrels per day (bpd), ahead of Russia’s 9.949 million bpd and Iraq’s 4.431 million bpd.
Full compliance with the Declaration of Cooperation remained a collective commitment, OPEC+ reaffirmed. The declaration provides the basis for coordination between OPEC and participating non-OPEC oil-producing countries.
WTI Oil Explained
Traded on international markets, WTI Oil is a variety of crude oil whose initials stand for West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of the three main types. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, WTI is readily refined. Production takes place in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price is regularly cited by the media.
Supply and demand shape WTI Oil prices, as they do those of other assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions arising from political instability, wars or sanctions can also affect prices. Another important influence is the production decisions taken by OPEC, a group of major oil-producing countries. Because oil is traded predominantly in US Dollars, the currency’s value also affects WTI Crude Oil prices: a weaker US Dollar can make oil more affordable, while a stronger currency can have the opposite effect.
WTI Oil prices respond to the weekly oil inventory releases from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Stock movements reflect shifts in supply and demand: a decline can point to stronger demand and lift oil prices, whereas a rise can signal greater supply and weigh on prices. The API publishes its report each Tuesday, followed by the EIA the next day. The two sets of figures are generally close, with results within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations belonging to OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for members. These decisions frequently influence WTI Oil prices. A reduction in quotas can constrain supply and lift oil prices; an increase in OPEC production has the reverse effect. The wider OPEC+ group brings in ten additional non-OPEC members, with Russia the most notable.
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