Saudi Arabia, Kuwait suggest Oil production cuts to be prolonged
|The news was fairly good yesterday but despite that, crude oil trade was lacklustre. Both the Saudis and the Kuwaitis suggested that production cuts should be ‘prolonged’ but Kuwait added that they could be reduced if 2H demand rises as expected. Finally it was reported that Iraqi output is down at the moment by around 140/- but that hasn’t affected markets yet either.
Certainly if the refinery run figure we saw this week continues demand for crude will rise but then the bears will say that product stocks will rise, let’s see what happens come the Driving Season which starts May 29th. Finally, whilst it’s not an oily matter there are elections in France at the weekend in which 11 candidates are whittled down to 2. As they stand at the moment, the polls who should not be trusted,give an order of Macron, Le Pen, Fillon and Melenchon, most of whom fill with despair but a Le Pen v Melenchon final would take some choosing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.