OPEC Works Toward Deal as Saudis Propose Plan for Higher Output

OPEC Works Toward Deal as Saudis Propose Plan for Higher Output

Iran had been expected to oppose any rise in crude output, but it has now signalled it may support a small increase.

Here are five charts that explain why Vienna will be fractious and, as RBC Global Asset Management said, "a tricky one to predict".

The week ahead still sees a major and tense OPEC meeting on the table.

OPEC and its allies have since previous year been participating in a deal to cut output by 1.8 million bpd.

United States oil prices managed to stage a bounce this week after a rapid decline last Friday saw WTI crumple into 63.36 after lifting steadily into 66.80 for most of the week; with the technical bounce over oil has resumed drifting lower, though today's lift sees crude challenging the key 65.00 handle once again, a level that has become familiar in recent weeks.

The so-called "Vienna group" of the cartel's 14 members and Russian Federation could consider its goal of rebalancing oil markets as "mission accomplished", the International Energy Agency said in the spring.

Justice report provides ammo for both Trump, critics
Comey said had he known earlier about the laptop's import it might have affected his decision to notify Congress. The report did not examine or make any conclusions about the continuing special counsel investigation.

He said now high oil prices dent the economic development of many countries.

The US changed that calculus in May by promising to reimpose sanctions on Iran and threatening sanctions on European companies that did business there. Iran faces constraints on its oil exports after Trump reimposed sanctions on May 8. Supply has already been dented by production freefall in crisis-hit Venezuela.

OPEC edged closer on Thursday toward raising oil output, with Iran softening its opposition to an increase and Saudi Arabia warning of supply shortages and price rallies if production remained stable. Whether it's right to lay the blame squarely at the president's door - and some certainly should be, for pulling out of the Iran nuclear deal - what's clear is that Trump knows high prices at the pump will not help Republicans in the mid-term elections in November. That surge prompted the US president to complain on Twitter that the cartel was artificially inflating prices. Zanganeh has said the president is to blame for high prices because of his unilateral withdrawal from the worldwide nuclear agreement.

But oil prices have found some support from global demand, which has been increasing strongly this year. "Stay tuned." A decision to increase output could be taken with Iran refusing to sign up, as has happened before in Opec.

When OPEC and its allies, which include Russia, Kazakhstan and Mexico, agreed to cut output in late 2016, they announced a 1.8 million-barrel-a-day reduction.

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