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The heavily awaited OPEC+ gathering in..........>

OIL: The heavily awaited OPEC+ gathering in Algiers came and went over the
weekend, with the cartel and its allies deciding not to commit to any fixed
increase in output levels, instead choosing to focus on getting the current
production pact compliance down to 100%, in part to appease Iran.
- Heavyweight producers Saudi Arabia & Russia highlighted their capability to
produce more, if required.
- The outcome has supported crude prices, with WTI & Brent adding $0.80 & $1.00
- Elsewhere Libya highlighted that it is producing the most crude it has since
July 2013.
- Iran continued to stick to its hard lines re: ceding production to its OPEC+
counterparts, but seemed open to deal compliance moving to 100%.
- Elsewhere, Baker Hughes rig count data revealed that the U.S. had 1 less
active oil rig in the latest week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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