Iran Becoming A Big Player In Global Oil
Markets
Oil speculators are
counting down the days until the March 20th tentative meeting between OPEC and non OPEC
members to discuss production
levels, prices and quotas. Separately, three OPEC sources said an
emergency meeting aimed at stabilizing prices will likely be held in Doha
in mid-April. Previously, the meeting was scheduled for March 20 in Russia.
The Iranian oil minister was in the headlines, saying the nation
would keep increasing its output until it reaches 2008 levels, after which it
would work with other countries on stabilizing the market. The country has been
ramping up supply after the lifting of economic sanctions.
A Russian official said a deal among other exporters to freeze
global production could be signed as soon as April and could exclude Iran.
Traders appeared pessimistic that such a deal would have much impact, and
pushed prices lower. In order to stabilize prices, all oil producers would
need to freeze or cut production in tandem. If one producer kept pumping while
others pulled back, the supply glut would continue.
Meanwhile, the news that OPEC’s output fell overall in February
wasn’t enough to lift sentiment — the figures still showed that Iran’s output
rose.
API CRUDE OIL INVENTORY
REPORT:
Latest Release Mar 15, 2016 Actual 1.500M Forecast 3.400M
Previous 4.40 PM
Our Some Best Services Read it Here…
Click here for comments 0 comments: