OPEC Resistance to Saudi Plan Grows With Iraqi Defiance - Bloomberg:
"Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week.
OPEC’s second-biggest producer said supply curbs by the cartel haven’t yet achieved their purpose, with oil prices still below the desired level. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded OPEC now oppose the Saudi plan.
The U.S. has reportedly asked Saudi Arabia and others to relax output restraints put in place in early 2017 as prices near $80 a barrel pose a threat to economic growth. The kingdom and partner Russia, which last month proposed increasing supplies later this year without first consulting OPEC members, appear to be raising production already."
'via Blog this'
No comments:
Post a Comment