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Oil – OPEC+ meeting next week

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The Organization of the Petroleum Exporting Countries and allies (aka OPEC+ … the long story short is the important players are Saudi Arabia from OPEC and Russia from “+”) next meet on July 1. 

The cartel and its pals have begun to return more oil to the market (2.1m barrels brought back in from May to July) and mutterings are about already that next week will bring a further ease back in supply restrictions. 

Unnamed sources cited by financial media say more supply will likely be brought back on line from August, although no decisions have yet been taken say the sources. Rising demand is driving prices higher, making more production attractive (also attractive is the desire to keep the further entry of US shale producers at bay).

Brent:

brent oil chart free on forexlive.com  

WTI:

wti oil chart free on forexlive.com  



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