Top Oil Exporters Raise Output Ahead OPEC Meeting

Top Oil Exporters Raise Output Ahead OPEC Meeting

Top oil producing countries are raising supply in crude oil ahead of June’s OPEC meeting despite discussions on freezing output that took place at Doha summit. “OPEC is indeed increasing supplies, practising their market share first strategy,” said Victor Shum, Managing Director of Downstream Energy Consulting at IHS, as Reuters reported.

Joining other Middle East producers, Iraq’s Oil Marketing Company (SOMO) will supply 5m barrels of extra crude loading in June to its upstream partners in efforts to lift market share. The second-largest producer in the OPEC had already been targeting record crude export volumes from southern terminals next month of 3.47mbp/d.

Meanwhile, Saudi Arabia is offering extra crude to customers in Asia, a sign the world’s largest oil exporter does not intend to cut output as it battles for market share with other top producers, The Guardian reported. This offer comes after it recently completed maintenance the programs that had reduced supplies from some fields during the second quarter.

On his side, despite its Foreign Minister’s calls for reaching an output ceiling to prop up crude oil prices,  Kuwait plans to invest $115b on oil projects over the next five years in line with the significant increase in oil production.


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