The Organization of the Petroleum Exporting Countries and allies are set to agree to another big output hike as they unwind voluntary production cuts by eight of its members and as the United Arab Emirates moves to a larger quota, Reuters exclusively reported on Monday.
On Sunday, the group approved a larger 548,000 barrel per day increase for August. Sources have told Reuters it will likely approve an increase of around 550,000 bpd for September at its meeting on August 3.
The earlier three months had consisted of output increases of 411,000 bpd.
All of this will complete a return of 2.17 million bpd from eight members, and an additional 300,000 bpd output jump for the UAE.
The group pumps about half of the world's oil.
OPEC+ still has separate cuts of 3.66 million bpd in place - 1.66 million bpd of voluntary cuts and 2 million bpd cuts across all members - which expire at the end of 2026.
Meanwhile, the protracted auction for shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum may be nearing an outcome after nearly eight years, Marianna Parraga reports.
A unit of Bermuda-based Gold Reserve has emerged as a preliminary winner with a bid of $7.38 billion. The bid, made by subsidiary Dalinar Energy Corporation, will be evaluated by a Delaware judge before a final decision.
If its offer is approved, the proceeds would be enough to compensate 11 of the 15 creditors, who have been battling in court to recover billions in dollars after the South American country nationalized its oil industry.
Gold Reserve would have its own $1.18 billion claim compensated from the proceeds.
Citgo operates three refineries in the United States in Corpus Christi, Texas; Lake Charles, Louisiana; and Lemont, Illinois. Together they have refining capacity of over 800,000 bpd.
