Investing.com - Financial Markets Worldwide

OPEC has two main options for June meeting, both foresee output rise - sources

Published 19/05/2019, 17:18
OPEC has two main options for June meeting, both foresee output rise - sources

May 19 (Reuters) - Saudi Arabia and Russia are discussing
two main scenarios for a meeting of OPEC and its oil-producer
allies in June and both frameworks propose increased crude
output from the second half of 2019, two sources familiar with
the matter said.
Russia wants to ease the cuts of 1.2 million barrels per day
(bpd) being carried out by the so-called OPEC+ alliance, the
sources said.
The United States has also urged the Organization of the
Petroleum Exporting Countries to boost supply.
The sources said OPEC's first scenario was to eliminate
over-compliance with agreed cuts, which would mean increasing
output by around 0.8 million bpd.
Over-compliance arose from lower exports and output from
Iran and Venezuela because of U.S. sanctions, and Saudi output
reductions that have been more than called for by the OPEC+
pact.
OPEC and its allies are effectively curtailing production by
close to 2 million bpd.
Another option is to ease the agreed cuts from 1.2 million
bpd to 0.9 million bpd, which would mean raising output by some
0.3 million bpd, one source said.
OPEC meets on June 25-26 in Vienna.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
OPEC Oil Production Capacity png https://tmsnrt.rs/2WJleV2
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.