OPEC+ to Raise Oil Production Further on Sunday

OPEC+ is expected to raise oil production on Sunday, according to sources. This move comes as oil prices have stabilized in recent days. Exxon and Chevron have reported higher output, which has offset weaker oil prices. Meanwhile, Brent crude oil prices have found support from strong demand indicators and Russian sanctions.

OPEC+ is expected to increase oil production on Sunday, according to sources. This decision comes as oil prices have stabilized in recent days. Exxon and Chevron have reported higher output, which has helped to offset weaker oil prices. Meanwhile, Brent crude oil prices have found support from strong demand indicators and Russian sanctions.

The 61st meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) was held via video conference, with the oil minister as the 2025 OPEC Conference president in attendance [1]. The committee reviewed member production levels for May and June 2025, noting strong compliance with output commitments aimed at ensuring oil market stability. The OPEC Secretariat presented a brief report projecting a positive outlook for the remainder of 2025 through 2026, forecasting global economic growth at 2.9% in 2025 and rising to 3.1% in 2026. Oil demand growth is expected to reach about 1.3 million barrels per day in both 2025 and 2026.

Chevron reported adjusted earnings for the second quarter of $1.77 per share, beating consensus estimates of $1.70 per share [2]. Global production totaled a record 3.4 million barrels of oil equivalent per day, up from 3.3 million barrels per day in the same period last year. Chevron's record production helped to offset the impact of lower crude prices. The company also reported a decline in capital expenditure of 7.5%.

Brent crude oil prices have found support from strong demand indicators and Russian sanctions [3]. The Rystad Energy report indicates that Brent crude prices have stabilized and are finding support from these factors. The company also noted that Moscow might respond if Trump stops Russian oil to India, adding to the market dynamics.

The OPEC+ ministerial committee, which serves as a monitoring body for the OPEC+ agreement, meets every two months and can recommend policy adjustments. These proposals are then discussed and approved at OPEC+ ministerial meetings attended by all members. The next committee meeting will be held on October 1.

References:
[1] https://en.mehrnews.com/news/234905/Iran-oil-min-holds-meeting-with-OPEC-monitoring-committee
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_L6N3TT0GE:0-chevron-beats-wall-street-profit-estimates-with-record-output/
[3] https://www.marketscreener.com/news/brent-crude-oil-prices-find-support-from-strong-demand-indicators-russian-sanctions-rystad-energy-ce7c5fd2d18ffe2c