Researchers at UOB Group assessed the recent OPEC meeting and the prospects for the barrel of the European reference for the crude oil. Key Quotes “Across the weekend, the OPEC led group announced the enforcement of overall production compliance of 100%. Given the current over compliance to the production cut initiative, this would imply a production increase of about 1 mbpd”. “This implied production increase of 1 mio bpd was larger than expected. Given Iran’s very vocal resistance to the initiative, some industry forecasts had anticipated a production increase of 0.5 to 0.7 mbpd. As such, Brent crude oil started trading this week with an early pullback from USD 75 / bbl to USD 73.90 / bbl”. “Overall, this move was well telegraphed in advance by Saudi Arabia and reinforces our current neutral range trading outlook for Brent crude oil. We reiterate our forecast of USD 70 to 80 / bbl going forward for the next four quarters”. “Because OPEC no longer specifies individual country production quotas, this may lead to difficulties in enforcement and possibly more volatility in crude oil prices going forward”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD stuck in a range, just above 0.7400 handle FX Street 3 years Researchers at UOB Group assessed the recent OPEC meeting and the prospects for the barrel of the European reference for the crude oil. Key Quotes "Across the weekend, the OPEC led group announced the enforcement of overall production compliance of 100%. Given the current over compliance to the production cut initiative, this would imply a production increase of about 1 mbpd". "This implied production increase of 1 mio bpd was larger than expected. Given Iran's very vocal resistance to the initiative, some industry forecasts had anticipated a production increase of 0.5 to 0.7 mbpd. As such, Brent crude oil started… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
