Free Trial

MNI Commodity Analysis: Banking Thoughts Ahead of Uncertain OPEC+ Meeting

OIL

Executive Summary:


  • OPEC+ are set to meet in Vienna this weekend 3-4 June with two main options on the table – rollover current production quotas with the anticipation for markets to tighten in the second half of the year or cut further in a bid to protect near term prices.
  • In the summaries below see this week’s thoughts from major banking analysts ahead of the meeting. Pricing has been a top talking point in the markets this week, especially if OPEC+ had begun discussions this weekend with sub $70/bbl, a situation that now looks unlikely after yesterday’s recovery.
  • The meeting should give some insight into Russia/Saudi relations which are believed to be strained as Russia uses discounted barrels to eat into its market share in Asia. The markets also hope to see any inclination that OPEC+ members are unhappy with Russia’s apparent non-compliance with 500,000 bpd cuts.
  • Full piece here:


    MNI Commodity Analysis - Banking Thoughts Ahead of Uncertain OPEC+ Meeting.pdf




    To read the full story

    Close

    Why MNI

    MNI is the leading provider

    of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

    Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.