News In Brief

Disarray at OPEC meeting could bring on price cut

Any lack of unity among OPEC oil ministers meeting in Geneva starting tomorrow could depress demand for OPEC oil and threaten another oil price cut, the Middle East Economic Survey (MEES) said Monday.

Some OPEC members - Iran, Iraq, Venezuela, and Indonesia - want higher production quotas.

The Nicosia-based oil and finance newsletter said market operators would base their short-term expectations on the meeting. If OPEC reaffirms its 17.5 million-barrel-a-day ceiling and $29 marker price, buyers would conclude the price structure was safe and that only normal drawing on stocks was in order.

But any disarray among the 13 oil ministers indicating a possible threat to the price could result in destocking, the report continued. This could cut demand for OPEC crude and bring pressure for lower North Sea oil prices and a drop in OPEC tariffs.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK