After many hours of meetings, OPEC finally reached a deal that allows for higher production, basically giving Saudi Arabia and Russia what they wanted. This was a much expected outcome and Saturday’s OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in the second half of this year. WTI crude oil rose above $68 a barrel on the news. Other news over the weekend focused on the elections in Turley, where Recep Tayyip Erdogan claimed victory as was widely expected. He is now modern Turkey’s longest-serving ruler. The Turkish lira rallied as Erdogan’s win removed some political uncertainty. It strengthened 3 percent against the dollar.
OPEC to Keep Pumping
Weekly Report - 25/06/2018