As markets prepare for the OPEC meeting, Saudi Arabia’s Oil Minister announced that his country is willing to cut in production as long as a number of conditions are met. Saudi Arabia suggested that it is willing to slash output by 1 million barrels of oil per day if other OPEC and non-OPEC members agree to participate. Most oil producers are pressuring the OPEC leader to minimize output as they wish to raise the price of oil, but oversupply conditions continue to weigh on prices. Despite the agreements made the past year in OPEC meetings, oil output rose to 33.328 million barrels per day versus the 30 million barrels per day production quota for the cartel. After the Minister’s statement, oil prices rose with Brent reaching back above $44.00 and WTI climbing over $41.00.
ECB Announces New Policies
Daily Analysis - 04/12/2015