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OPEC+ Keeping Options Open for Sep 5 Meeting

OIL

OPEC+ is keeping all options open ahead of the meeting on Sep 5 according to Energy Intelligence. At the last meeting the group agreed to a small increase of 100kbpd in September.

  • Saudi Energy Minister last week said that they were willing to take measures to stabilize the high market volatility and address a disconnect between physical and paper markets.
  • Saudi Energy Minister Prince Abdulaziz bin Salman said last month "I recognize the need for legitimate risk-management in modern energy trading and the useful role derivatives markets play in enabling participants to manage risks,"
  • "But destabilizing speculation and manipulation have no place in a responsible and efficient market," he added.
  • Energy Intelligence report two OPEC+ delegates said it was too early to say what the alliance may decide next week.
  • Saudi and Russia have both recently backed a continuation of the OPEC+ agreement beyond the expiry of the current deal at the end of the year.
Energy BulletsCommodities
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