Wednesday, June 01, 2016 2:06:43 PM
Oil prices were down slightly on Wednesday, erasing most of the day's losses after OPEC sources said the group was likely to consider a new output ceiling at its forthcoming meeting.
Reuters cited four OPEC sources as saying the Organization of the Petroleum Exporting Countries was likely to consider a production cap at its Thursday meeting. Three sources said the ceiling needs to be set substantially above 30 million barrels per day, and lengthy discussions may be required.
If agreed, the decision would represent a major compromise for OPEC, which failed to agree on an output ceiling for the first time in years at its last meeting in December.
Many market participants remain doubtful there will be such a deal since Iran, a key OPEC member, is determined to restore crude exports to pre-sanction levels. Analysts instead expect OPEC members to focus on defending individual market share.
http://in.reuters.com/article/global-oil-idINKCN0YN598
Reuters cited four OPEC sources as saying the Organization of the Petroleum Exporting Countries was likely to consider a production cap at its Thursday meeting. Three sources said the ceiling needs to be set substantially above 30 million barrels per day, and lengthy discussions may be required.
If agreed, the decision would represent a major compromise for OPEC, which failed to agree on an output ceiling for the first time in years at its last meeting in December.
Many market participants remain doubtful there will be such a deal since Iran, a key OPEC member, is determined to restore crude exports to pre-sanction levels. Analysts instead expect OPEC members to focus on defending individual market share.
http://in.reuters.com/article/global-oil-idINKCN0YN598
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