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Why OPEC Won't Flood The Oil Market

OilPrice.com Wednesday, 20 June 2018
The latest from Vienna is that Russia and Saudi Arabia are leaning towards the aggressive end of the suite of options under consideration, but as always, the negotiations remain fluid. Reuters said that Saudi Arabia and Russia could push a 1.5-million-barrel-per-day increase as a negotiating tactic in order to get the rest of the group to sign on to increases of around 500,000 to 700,000 bpd. In fact, the Wall Street Journal reported that Saudi Arabia was shopping a 500,000-bpd increase to fellow OPEC members this week. Some sort of increase seems…
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News video: OPEC Promises Oil Supply Boost Without Offering Concrete Numbers

▶ OPEC Promises Oil Supply Boost Without Offering Concrete Numbers 00:40

According to a report by Reuters, OPEC agreed with Russia and other oil-producing allies to raise output from July on Saturday, with Saudi Arabia promising a 'measurable' supply boost. Non-OPEC oil producers have reportedly agreed to participate in the pact without agreeing to any concrete numbers...

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