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America's Most Important Oil Basin Is Excelling

1. OPEC+ Speeds Up Oil Production Increases

- The most recent OPEC+ meeting this Thursday saw members of the oil group agree on production hikes of 648,000 b/d in both July and August, seeking to offset pressures coming from Russia sanctions.

- Interestingly, Russia approved of the deal – if one is to exclude it from the tally, OPEC+ has been underperforming its targets by 1.6 million b/d – so perhaps Moscow has little faith in the viability of output increases.

- With Saudi Arabia’s spare capacity assessed at 800,000 b/d and almost half of it coming from the Neutral Zone co-developed with Kuwait, even Saudi Aramco’s ability to produce enough crude is questionable.

- The OPEC+ speed up might have been a result of a diplomatic flurry between Riyadh and Washington, with rumors that US President Joe Biden is considering a visit to the Saudi capital.

2. Venezuelan Exports Drop to Almost 2-Year Low

- Venezuela’s oil exports plunged to their lowest level since October 2020 as repair works at the José terminal, the main oil port in the country, hindered loadings.

- According to PDVSA data reported by Reuters, May witnessed total exports dropping to 391,452 b/d, a 49% decline compared to April 2022.

- Whilst oil quality issues are still a problem with some Chinese buyers, the main cause of lower Venezuelan crude exports last month was José’s two largest berths being shut…

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