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OPEC meeting sets oil markets up for a price spike

Oil rises as Saudi output dips, U.S. drilling stalls

Oil markets seem to be heading to a state of instability, as oil supplies come under severe pressure in the coming months. The world’s leading oil cartel seems also to be under pressure, as internal conflicts and possible in-depth cooperation with Russia could lead to a restructuring of the old giant.


The outcome of the JMCC meeting between OPEC and Russia has produced a diffuse result. Saudi Arabia, OPEC’s leading oil producer, and Russia seem to have rebuked U.S. president Donald Trump’s request to increase overall oil production to counter higher oil prices.

 

The price of OPEC basket of fifteen crudes stood at $77.08 a barrel on Friday, compared with $77.13 the previous day, according to OPEC Secretariat calculations.


The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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