OM ADVISORY (JACKPOT CALL) 09173020055..08238187446

OPEC Meeting- Preview
Today we have the 167th OPEC meeting in Vienna and the noise from the members and companies is
rising. Consensus expectation is for OPEC to maintain their production target of 30mln BPD Initial
comments from OPEC delegates
13:30 IST– Opening session – All OPEC heads and delegate in attendance
15:30 IST– Closed session
19:30 IST– Press conference from Secretary General El-Badri
NOTE: Often decisions made by OPEC are leaked to the press and seen before the official press
conference from the Secretary General. Historically this has occurred between 13:30 – 15:30 IST
Here’s a run down on what’s been said till today :
OPEC sec Gen El-badri
There is enough supply and enough demand
Shale oil is her to stay
Will meet with Russian oil minister in July
Kuwaiti oil minister
Prices are good
OPEC Members will Continue to Invest in Increasing Supply
Plans to Increase Production Not Impacted by Lower Oil Price
Saudis Naimi
Oil price still has a risk premium
ME political troubles not affecting supply
Long term energy outlook looks very positive
May be a “black swan” affecting 2040 energy predictions (Doesn’t sound good)
Iran oil minister
Has no idea what OPEC will decide at meeting
Unlikely to agree new sec gen this week
Says they can raise output to pre-sanction levels quickly
OPEC output ceiling not shared among countries
OPEC must open way for Iran output to maintain prices
Qatar oil minister
Oil market should be more balanced in H2
Number of reasons to be optimistic going forward
OPEC commitment to market stability is unwave
OM ADVISORY (JACKPOT CALL) 09173020055..08238187446

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