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OPEC members stressing unity and cooperation ahead of Thursday bi-annual meeting - TradeTheNews

FXStreet (Barcelona) - The TradeTheNews Team note OPEC members said to be nearing a compromise on supply cuts, would likely call for stronger adherence by members to their previously agreed upon quotas.

Key Quotes

“OPEC members said to be nearing a compromise on supply cuts, would likely call for stronger adherence by members to their previously agreed upon quotas. Stronger adherence to the 30M bpd supply targets could imply a cut of approx 300K bpd (press).”

“Saudi Oil Min Ali Al-Naimi: Saudis, the US and others should not cut output; Market will stabilize itself. Producers should let the market determine oil prices.”

“Iran Oil Min Zanganeh: Unity is a key factor for OPEC.”

“Angola Oil Min Da Vasconcelos: Expected OPEC to reach consensus decision; stopped short of calling for any OPEC production cut.”

“UAE OPEC Gov: OPEC targets oil market stability rather than price.”

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