Following the OPEC meeting from last week, in which OPEC ministers didn’t reach an agreement as to the whether to raise oil production quota, it’s currently reported that Saudi Arabia may raise its oil production quota in the months to come. Saudi Arabia was the leading country that wanted to raise oil production, on the other hand, Iran and Venezuela led the charge in keeping OPEC’s oil production quota at the current level.
OPEC will also publish its monthly oil report; this report may indicate the current oil production of major OPEC countries and the changes in demand for oil.
If Saudi Arabia will follow through on its “threat” to raise its oil quota, this might shake the foundations of OPEC’s united front; it could also ease the oil market and might even curb the recent gains in crude oil prices. This news might have been among the factors that caused oil prices to trade down on Friday, June 10th.
Current Nymex crude oil price, short term futures (July 2011 delivery) is traded down with a 0.33% decrease, and its at $98.96 per barrel as of 08:58*.
The current Dated Brent spot oil price inclines by $0.44/b and it is at $118.64 / barrel as of 09:09*.
Euros to USD is currently traded up at 1.4355 a 0.0577% increase as of 09:07*.
The Canadian exchange rate compared with USD is traded up at 0.9768 a 0.3123% decrease as of 09:07*.
For more on this subject:
- Crude oil prices outlook – 8 June
- Gold & Silver Price – Daily Outlook 13 June
- Weekly outlook for June 13-17