OPEC sources said on Friday (May 19) that a committee of the organization was studying possible scenarios for next week’s policy meeting, one of which was to consider an option to deepen and extend OPEC-led cuts , So that the inventory decline.barium chloride 99%
Two OPEC sources said the OPEC Economic Council (The Economic Commission Board) this two-day meeting was scheduled to end on Thursday, but will close later on Friday.
One of the sources said “there is no consensus on the final situation,” while the second source said, to expand the rate of cut is an option, depending on non-OPEC and the United States shale oil supply is estimated to increase.
Representatives of OPEC Member States, representing officials of 13 Member States, as well as officials from the OPEC Secretariat in Vienna, met on Wednesday and Thursday to discuss the situation in the oil market. OPEC and non OPEC oil ministers will hold a policy meeting in Vienna on May 25 to decide whether the cut-off agreement will be extended to the end of June. barium chloride
Bank of America Merrill Lynch: OPEC is expected to extend production agreement 6-9 months
Bank of America Merrill Lynch expects OPEC to extend production agreement for 6-9 months; and hope that demand recovery; OPEC on the oil market is to achieve the spot premium, rather than a specific price; if OPEC to further increase production, it may Will lose some market share to the US shale oil, and oil prices will not rise further.
Bank of America Merrill Lynch further said that if OPEC to improve crude oil production, oil prices or will fall to 35 US dollars / barrel, the financial difficulties of the countries of the organization intensified; the oil market is expected to reach a balance in 2018; Russia is expected in March 2018 Before the match with the cut.
Inventory digestion highlights the greater challenges facing OPEC
According to global inventory estimates and a dozen oil traders and shipping industry sources, there are now in many areas of the oil storage tanks have rebounded, or inventory decline slower than investors and oil companies before the expected. The sources provided Reuters with stockpiles of oil storage facilities that did not disclose oil storage data.barium carbonate
Inventory digestion highlights the greater challenges facing OPEC. OPEC is currently trying to lead the industry out of the downturn caused by oversupply situation. With the US shale oil production surge, oil stocks remain high.
Global oil stocks have been slowed down or even reversed. The Amsterdam-Rotterdam-Antwerp region is one of the most expensive areas of oil storage in Europe, and an industry source says crude oil is starting to re-enter the oil storage facility because the refinery is “filled with oil.”