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OPEC action more likely – Morgan Stanley

FXStreet (Mumbai) - As per the investment bank Morgan Stanley, the Organization of Petroleum Exporting Countries (OPEC) group is more likely to cut output or enforce stricter supply limits next week.

Brent prices are down almost 30% since rising to its 2014 peak on June 19. Hence, markets are expecting the OPEC group to announce an output cut next week. Morgan Stanley assigns a two-in-three chance OPEC will cut output or enforce stricter supply limits. Moreover, the group normally adjusts its supply after 15-20% fall in prices.

Meanwhile, Citigroup Inc. cites a ‘remote possibility’ of an output cut next week since so many member are unwilling to do so.

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