Exclusive-OPEC+ to further speed up oil output hikes, five sources say

The market will take this news negatively, as long as crude exports do not suggest an improved compliance within OPEC+,

UBS analyst Giovanni Staunovo said

OPEC+ has just thrown a bombshell to the oil market,

Jorge Leon, analyst with Rystad Energy, told AFP

Today’s decision is a definitive message that the Saudi led group is changing strategy and pursuing market share after years of cutting production,

Leon said

With this move Saudi Arabia is seeking to punish lack of compliance particularly from Kazakhstan but also ingratiate with President Trump’s push for lower oil prices

said Jorge Leon, an analyst at Rystad Energy A/S, who previously worked at the OPEC secretariat

A deliberate ‘sweating’ to instill discipline has occurred twice since 2014 — roughly five years apart — and both episodes continued until group cohesion was restored,

said Bob McNally, president and founder of Rapidan Energy Advisers LLC and a former White House energy official

Alexander Novakdeputy Prime Minister

Russia, Saudi Arabia, the United Arab Emirates and Kuwait could all produce much more today. And we have potential projects and their development plans, but we are holding back production,

Deputy Prime Minister Alexander Novak said at the Saturday meeting of the OPEC+ countries, according to a broadcast by Russian state TV