Divisions within OPEC signal the group will probably keep its crude production ceiling unchanged tomorrow as falling prices limit Saudi Arabia’s ability to justify a higher quota.
Iran, facing a European Union embargo on its oil exports, and Venezuela have been joined by Iraq, Angola, Libya and Ecuador in saying that global crude supplies are already excessive. The group’s biggest producer, Saudi Arabia, is pumping near its highest level in three decades and said June 11 that there may be a need to boost the target.
Prospects for Europe’s economy are “not so positive” and will determine short-term market fundamentals, al-Naimi said today in Vienna. He said on June 11 that there may be a need for a higher output ceiling.