25.11.2015 - Oil market rests on Saudi-Iranian output deal
The next shift in oil prices may rest on a Saudi-Iranian output deal. Saudi Arabia says it will work with the world’s biggest oil producers to maintain price stability. To be effective, the OPEC kingpin will also have to make room for Iran to add barrels to the flooded market. With Brent crude trading at $45 a barrel, many producers would prefer price improvements to stability. But they’d take stability over further falls. As a group, OPEC is already pumping above its self-imposed ceiling of 30 million barrels per day – a total roughly equivalent to one-third of global supply. Added Iranian barrels will put further downward pressure on prices unless other OPEC producers are prepared to rein in production...............................................Full Article: Source
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