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OPEC+ Paves the Way for 2025 Return of Crude

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In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.

1. OPEC+ Rolls Over Voluntary Cuts, Paves the Way for 2025 Return of Crude

- OPEC+ extended their 2.2 million b/d voluntary crude production through Q3 2024, however the group has also charted a path to bring back those volumes back to the market from October 2024 onwards.
- The United Arab Emirates was the big winner of the June 2 meeting, taking place in Riyadh for the “Great Eight” of OPEC+ countries that took on voluntary production cuts, securing a quota increase of 300,000 b/d in 2025.
- Immediately after the meeting, Brent futures have shed some $3 per barrel and dipped below $80 per barrel for the first time since February, however they’ve recovered some lost territory over the past week.
- The next OPEC+ joint ministerial committee meeting is scheduled for August 1, discussing quota compliance and the outlook for demand, with the next ministerial meeting slated for December 1.

2. California Needs More Gas to Meet Surging Power Demand

- Forecasts for the US West Coast indicate California will be struggling with a scorching heat dome over the coming days, prompting a revival in the state’s natural gas consumption on the back of peak air conditioning…





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