EXPM:AZBCF - Post by User
Post by
Cabrio1on Jun 01, 2015 5:32pm
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Post# 23786251
OPEC meeting
OPEC meetingblog entry:
ministers from the 12 nations in the Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna this Friday. The gathering comes amid increasing tensions in the group.
 OPEC ministers will meet this week in Vienna. |
Some members are pushing for immediate production cuts. But others are willing to keep the group’s 30 million barrel per day production quota in place, despite the fact crude oil prices are much lower now than this time last year.
The general consensus is that OPEC will sit tight overall. Officials believe that rising demand and falling U.S. production will help bring supply and demand back into line. Crude oil prices soared around 5% on Friday alone, helping the bull case. With prices knocking on overhead resistance just over $60 a barrel, any additional bit of bullish news from OPEC could set off the next leg up!