OPEC Reaches Deal to Raise Oil Output From July Onward – OPEC Is Said to Have Deal in Principle With Iran for Output Hike – West Texas Intermediate (WTI), futures on NYMEX, finds a temporary support near $62.00 during Wednesday’s Asian session after sliding almost 4.40% in last two trading days. The Oil price gets a provisional relief after the OPEC+ denied speculation regarding the announcement of a multi-fold hike in Oil production in its upcoming meeting on Sunday.
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OPEC Is Said to Have Deal in Principle With Iran for Output Hike
Gold Silver Reports (GSR) – OPEC has reached an agreement in principle to boost oil production, achieving a last-minute compromise that overcame Iran’s threats to veto any supply hike. The preliminary accord allows for an additional 600,000 barrels a day of oil to flow onto the market, about 0.5 percent of global supply, said a delegate. That reflects a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the Organization of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.
OPEC Nears Deal on Oil-Supply Boost After Saudi-Iran Talks
Gold Silver Reports (GSR) – Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise — a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices.
