OPEC sources: Iran, Algeria and Venezuela oppose immediate oil output rise - Reuters

Dhwani Mehta FXStreet

Reuters quoted two OPEC sources, as saying that Iran, Algeria and Venezuela oppose immediate oil output rise.

On Monday, Bloomberg reported that the Organization of the Petroleum Exporting Countries’ (OPEC) is said to discuss an oil output hike of 300k to 600k barrels per day (bpd).

Separately, three OPEC sources were quoted by Reuters, as saying that the OPEC technical panel believes the market could absorb extra production due to strong demand.

Additional comments:

The OPEC technical panel sees strong oil demand in 2H 2018.

Suggests that market could absorb extra production.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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