OPEC struggles for production deal

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© Reuters.  OPEC struggles for production deal© Reuters. OPEC struggles for production deal

  • Laying the groundwork all week for today’s biannual meeting in Vienna, OPEC members, Russia and major producers are likely to ease supply constraints that have been in place since January 2017.
  • Expecting a large oil deficit in the second half of this year – due to outages in Venezuela and Libya – as well as calls from top consumers to cool down prices, consensus among the group is to raise production by a combined 1M barrels per day.
  • However, Iran has expressed opposition to such a deal, facing U.S. sanctions that threaten to keep buyers away.
  • Crude futures +1.1% to $66.28/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI
  • Now read: Crude Oil Coming Into The OPEC Meeting

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