10 September 2018 : A technical committee of members of the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies are due to finalize on how to apportion the extra 1 million barrels a day of crude oil production agreed at the June meeting. So far, Russia and Saudi Arabia have accounted for most of the increase in OPEC production as producers such as Iran and Venezuela remain constrained. However, smaller producers are pushing for a more equitable split of the allocation, and some reports suggest that as many as four different proposals are on the table.
Although these discussions are unlikely to impact the groups’ aggregate production, deeper rifts among the major players could cast doubts over the strength of any 2019 production agreement between OPEC and its allies. Nevertheless, oil prices are expected to remain resilient, supported by a slump in exports from Iran, one of the most vocal members of OPEC.
Reporting for EasyKobo on Monday , 10 September 2018 in Lagos, Nigeria
Source: Vetiva Capital Management Limited
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