Close Menu
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Gabon’s oil & gas minister pushes drive to develop deepwater assets

July 8, 2025

Hydrogen Europe

July 8, 2025

Lack of new US power capacity could increase blackouts 100 times by 2030, says Energy Department – Oil & Gas 360

July 8, 2025
Facebook X (Twitter) Instagram Threads
Oil Market Cap – Global Oil & Energy News, Data & Analysis
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment
Oil Market Cap – Global Oil & Energy News, Data & Analysis
Home » Rig Count Tanks, Oil Slumps—OPEC+ Says ‘Full Speed Ahead’
OPEC Announcements

Rig Count Tanks, Oil Slumps—OPEC+ Says ‘Full Speed Ahead’

omc_adminBy omc_adminMay 27, 2025No Comments3 Mins Read
Share
Facebook Twitter Pinterest Threads Bluesky Copy Link


OPEC+ will press on with its plan to increase its oil production quotas for the month of July, anonymous sources have told Reuters—with the group staying the course despite the low oil price environment.

OPEC has long argued that it makes output decisions based on supply and demand expectations—not oil prices.

The group is planning to meet on Wednesday, with three delegates from the OPEC+ group telling Reuters that it is not expecting to change its policy that it set previously: increase production quotes each month until all the production quotas have been unwound.

Some analysts have been quick to point out that production quotas and production are hardly the same thing, with domestic crude oil demand rising in the summer months to meet the demand for cooling during the warmer months, and some countries unable to ramp up. Still, the anticipation of production increases from the OPEC+ group when oil is already under the breakeven point for producers in the Permian continues to weigh on prices.

Tuesday morning’s prices at 10:55 am in New York were $60.95 for WTI and $64.17 for Brent, a nearly 1% drop that can be mostly attributed to market sentiment surrounding the OPEC+ decision that is expected tomorrow.

 Traders and analysts have been watching the steady drop of US drilling rigs, including in the most prolific basin, the Permian. Last week the number of active drilling rigs in the US dropped by 10 as prices squeezed E&Ps.

That drop brought the total U.S. oil-directed rig count down to 465, the lowest level since November 2021, according to JP Morgan analysts. With cash flow tightening and capital discipline still the name of the game, many independent shale producers have already begun scaling back activity—especially as hedges roll off and breakeven economics come under pressure.

Despite the market’s hand-wringing, OPEC+ appears determined to stick with its roadmap to gradually restore output that was cut during the COVID-era slump. The unwinding plan has been telegraphed for months, and reversing course now could risk credibility—something the group has worked hard to reestablish.

The wildcard, of course, is how long OPEC+ members can actually sustain higher production and lower revenue. Many member nations are already pumping below quota due to technical or political constraints, and domestic summer demand in countries like Saudi Arabia will likely soak up additional barrels before they ever reach export markets.

For now, the group seems content to keep the optics of unity and control, even if the real supply picture is more complicated under the hood. But with global inventories trending higher and demand signals still murky, the market’s patience is wearing thin.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com



Source link

Share. Facebook Twitter Pinterest Bluesky Threads Tumblr Telegram Email
omc_admin
  • Website

Related Posts

EU Parliament Endorses Eased Natural Gas Storage Targets

July 8, 2025

Saudi Arabia’s Crude Oil Exports Jumped by 400,000 Bpd in April

July 8, 2025

Supermajors to Significantly Boost Oil and Gas Output in Nigeria

July 8, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

LPG sales grow 5.1% in FY25, 43.6 lakh new customers enrolled, ET EnergyWorld

May 16, 20255 Views

South Sudan on edge as Sudan’s war threatens vital oil industry | Sudan war News

May 21, 20253 Views

Trump’s 100 days, AI bubble, volatility: Market Takeaways

December 16, 20072 Views
Don't Miss

Gabon’s oil & gas minister pushes drive to develop deepwater assets

By omc_adminJuly 8, 2025

Sosthène Nguema Nguema, Minister of Oil & Gas of Gabon, has joined the African Energy…

bp, Libya’s NOC to explore oilfield redevelopment, unconventional potential

July 8, 2025

SCB Exceeds Sustainable Finance Goal with Over 5B USD

July 8, 2025

Piauí Launches Jurisdictional REDD+ Carbon Credit Program with Silvania to Combat Deforestation

July 8, 2025
Top Trending

‘Serious risk to life’: scenic Isle of Wight road could fall into sea, councillor warns | Isle of Wight

By omc_adminJuly 8, 2025

UK public finances on ‘unsustainable’ path amid growing climate, debt and pension costs | Economic policy

By omc_adminJuly 8, 2025

Deadly floods could be new normal as Trump guts federal agencies, experts warn | Texas floods 2025

By omc_adminJuly 8, 2025
Most Popular

The 5 Best Soundbars of 2025

May 6, 20251 Views

Energy Department Lifts Regulations on Miscellaneous Gas Products

May 2, 20251 Views

Tesla may face more pressure from Musk’s political activities: analyst

July 8, 20250 Views
Our Picks

Who Is The World’s Top Natural Gas Consumer?

July 8, 2025

EnerMech Bags Triton FPSO Work

July 8, 2025

Valaris Secures New Works for Two of Its Drillships

July 8, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 oilmarketcap. Designed by oilmarketcap.

Type above and press Enter to search. Press Esc to cancel.