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OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady | The Express Tribune
OPEC says geopolitical developments need close monitoring, no forecast changes yet
A woman passes by a logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. Photo: Reuters
The Organisation of the Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia sharply increased oil production in February ahead of US and Israeli strikes on Iran and kept its forecasts for relatively strong global oil demand growth this year.
Saudi Arabia boosted output and exports as part of a contingency plan in case any US strike on Iran disrupted Middle East supplies, sources familiar with the plan said in February. The attack came on February 28 and the ensuing conflict has disrupted oil exports, forced production stoppages and sent prices soaring.
OPEC, in a monthly report on its website, said that Saudi Arabia told the group its February supply to the market was 10.111 million barrels per day, while production reached 10.882m bpd. The kingdom reported January output of 10.10m bpd.
Saudi Arabia has long intervened in oil markets, adding barrels during disruptions or curbing output when it sees oversupply. The February rise echoed a contingency plan last year when it moved more oil to storage, the sources said last month.
OPEC also said output by the wider OPEC+, which includes other producers such as Russia, averaged 42.72m bpd in February, up 445,000 bpd from January, citing secondary sources.
Read More: OPEC+ mulls larger oil output boost
“Supply to market” usually covers exports plus domestic refinery and power-plant use, excluding oil shifted into storage. As such, Saudi Arabia’s February supply to the market stayed close to its OPEC+ quota, even as production ran well above the target.
OPEC left unchanged its forecast that world oil demand will grow by 1.38m bpd this year. Its 2026 demand estimate remains higher than those of other analysts, including the International Energy Agency.
Also Read: Oil crisis: Is world better placed than in 1973?
“Ongoing geopolitical developments warrant close monitoring, although their impact, if any, on the growth forecast may be too early to determine,” OPEC said in the report, referring to economic growth.
The Saudi and OPEC increases in February came despite OPEC+ agreeing to keep output targets steady for the first quarter of the year.
Gold prices in Pakistan have risen again at the start of the business week after several days of decline, according to the All Pakistan Bullion Market.
The price of gold per tola increased by Rs 800, reaching Rs 493,962.
Similarly, the price of 10 grams of gold rose by Rs 686 to Rs 423,492.
In the global market, gold also recorded an increase of $8 per ounce, reaching $4,716.
Experts say global economic uncertainty, currency fluctuations, and investor preference for safe-haven assets are driving the upward trend in gold prices.
They add that changes in international markets directly impact Pakistan’s local bullion rates, leading to continued fluctuations in domestic prices.
Now one of the biggest sportswear firms, Anta’s rise follows a playbook adopted by many Chinese giants.
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Gold price prediction today: Will gold prices continue to be volatile? Key levels to watch out for April 27, 2026 week – The Times of India
Gold price prediction today: Gold prices will closely track movements on the rate decisions by several central banks, including the US Federal Reserve, this week, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.Gold is currently consolidating after sharp swings in a broad range, indicating a pause rather than a reversal. Price action shows a higher-high structure intact, but the recent sideways movement suggests indecision near the upper supply zone around 158,000–160,000. The formation resembles a short-term flag/triangle continuation pattern, where a breakout on either side will define the next directional move. Volume has tapered slightly, reinforcing the consolidation narrative.Gold prices recently moved from the upper band toward the mid-band (20 DMA), and are now attempting to stabilize. The bands have started to contract, signaling a potential volatility expansion ahead. Sustaining above the mid-band (~150,500–151,000 zone) keeps bullish bias intact, while a breakdown below this could trigger a deeper mean reversion toward the lower band.For the week, immediate support for gold prices is placed at around Rs 150,500, which is followed by stronger support near Rs 148,500. On the upside, the resistance stands at around Rs 155,500, and after that the key supply zone is at Rs 158,000. A decisive close for gold above Rs 158,000 levels can then resume the broader uptrend. However, a break in gold prices below levels of Rs 148,500 may shift the momentum to bearish in the near term.The economic docket is filled with data points and events this week as the focus will be on FED, BOJ, ECB and ECB policy meetings. US consumer confidence, GDP, inflation and durable goods orders data will also be in radar.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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