OPEC and a number of non-founding nations known collectively as ‘OPEC +’ are due to discuss output targets for July taking into consideration the EU’s ban on seaborne Russian oil. Get your market update from RichardSnowFX here:
OPEC to Consider Utilizing Limited Spare Capacity
OPEC and a number of non-founding nations known collectively as ‘OPEC +’ are due to discuss output targets for July taking into consideration the EU’s. Western sanctions are likely to reduce Russian production by 2-3 million barrels per day with the Kremlin defiantly stating that banned oil will find its way to other buyers.
Increasing output in countries that have spare capacity sounds logical but is rather tricky in practice. Saudi Arabia currently produces around 10.5 million bpd but has rarely pushed production above 11 million – creating doubt as to whether the additional output is likely to get anywhere close to replace the shortfall. The only other nation with reasonable spare capacity is the UAE.
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