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Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
OPEC Reaches Deal to Raise Oil Output From July Onward
OPEC Reaches Deal to Raise Oil Output From July Onward – OPEC Is Said to Have Deal in Principle With Iran for Output Hike
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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.
MCX Zinc Price @ ₹211.15