OPEC Delegate: OPEC, non-OPEC still discussing 4 scenarios for increasing output

Eren Sengezer FXStreet

LiveSquawk has recently reported that an OPEC delegate claimed that OPEC members and non-OPEC producers were still discussing four possible scenarios for a possible output hike. Discussions include 1 million, 1.5 million, and 1.8 million increase in production.

Also recently, Iran's oil minister said that he didn't think that they would be able to reach an agreement on output increase.

Crude oil prices reacted negatively to these developments and the barrel of West Texas Intermediate lost more than 40 cents to $65.55.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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