Friday, June 22, 2018

Oil prices spike sharply after OPEC fails to deliver

Oil prices spike sharply after OPEC fails to deliver
Crude oil prices were soaring in early Friday trading after OPEC apparently disappointed with the terms of a consensus agreement on production.

Ministers from the Organization of Petroleum Exporting Countries are meeting in Vienna for a regular meeting. On the agenda is a balanced market with little room for shocks like steady declines from Venezuela, a founding OPEC member, security issues in member-state Libya and the potential loss of Iranian oil barrels.

Saudi and Iranian ministers hinted early Friday that a consensus agreement was reached, though the actual communiqué spelling out the terms wasn't yet released as of 9:15 a.m. EDT.

1 comment:

  1. Iranian Oil Minister Bijan Zangeneh described his recent meeting with Saudi Energy Minister Khalid al-Falih in Vienna as “successful”...

    A private discussion with Saudi Arabia's energy minister ahead of the meeting had been successful, Zangeneh said on Friday speaking to reporters in a conference room.

    He added Tehran would be content with crude prices at around $70 a barrel, according to CNBC.

    When asked whether OPEC and its allies could reach a deal on Friday, Zangeneh replied, "We are cooking something."

    The Organization of the Petroleum Exporting Countries will meet on June 22 to decide output policy amid calls from top consumers to cool down oil prices and support the world economy by producing more crude.

    The rare meeting between the Iranian and Saudi ministers came as Iran’s assent is vital for OPEC to reach an agreement on raising oil output.


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