Energy Stocks To Watch Ahead Of OPEC Meetings

Mae Love
June 22, 2018

"They may have to add production to make up for the unrest in Venezuela and the Iranian sanctions that are ahead of us, as well as the effect in China", he said. He echoed earlier comments from OPEC Secretary-General Mohammad Barkindo.

Oil prices fell on Thursday as crude exporters in Opec appeared to be nearing a deal to increase production.

He said now high oil prices dent the economic development of many countries.

Saudi Arabia is reportedly looking to increase production by 1 million barrels per day, while Russian Federation has said it would like to see an extra 1.5 million barrels per day to the market before reassessing the next move.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels. Their proposal would share out a quota increase of 1 million barrels a day between all members of the group. That may seem insignificant in a global supply of 98 million barrels a day, but critically it would reverse reductions that the same countries approved in late 2016, helping push crude higher by more than 50 percent.

The convoluted plan shows the difficulty Saudi Arabia has in bridging the gap between the competing interests of different members.

Other OPEC-members, including Iran, are against such a move, fearing a sharp slump in prices.

Weekly U.S. production remained at a record 10.9 million bpd.

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Oil futures settled lower before an OPEC meeting expected to increase the world's supply of crude.

India is Iran's biggest oil client after China. Venezuela's oil industry is collapsing due to years of mismanagement and an economic crisis.

So, a larger increase agreed by Opec would require a new set of output targets. Even President Donald Trump has urged OPEC to increase production to help ease prices. That surge prompted the USA president to complain on Twitter that the cartel was artificially inflating prices.

Oil prices fell after Al-Falih's comments, with benchmark Brent crude losing as much as 2.4 percent to $72.94 a barrel in London.

Trump's involvement makes it hard for Tehran to accept a compromise.

"OPEC is an independent organization, not an organization to receive instruction from President Trump", Zanganeh said on Tuesday. German carmaker Daimler cut its earnings forecast late on Wednesday, saying tariffs on cars sent from the United States to China would hurt Mercedes-Benz vehicle sales. Riyadh could also act unilaterally boosting output, as it did in 2011 after a meeting ended in acrimony without a deal.

"That would be a good target to work with", Al-Falih said on the eve of an OPEC summit in Vienna, Austria. "They pay attention to consumer nations".

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