{"id":16978,"date":"2023-06-01T21:53:10","date_gmt":"2023-06-02T01:53:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-opecs-action-on-sunday-will-be-price-driven-vs-hype-citi\/"},"modified":"2023-06-01T21:53:11","modified_gmt":"2023-06-02T01:53:11","slug":"oil-opecs-action-on-sunday-will-be-price-driven-vs-hype-citi","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16978","title":{"rendered":"Oil: OPEC\u2019s action on Sunday will be price-driven vs. hype – Citi"},"content":{"rendered":"
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Investing.com — The outcome of Sunday\u2019s OPEC+ meeting will most likely be price-driven versus the alliance\u2019s hype that it isn\u2019t price-focused, analysts at Citigroup suggested in a note issued Thursday.<\/p>\n

\u201cWhat the 8 OPEC+ members, plus Russia, that committed to make output cuts for May actually do when they meet this weekend is likely to be a function of prices,\u201d the Citi note said, referring to Saudi Arabia, United Arab Emirates, Kuwait, Oman, Algeria, Kazakhstan and Iraq.<\/p>\n

\u201cFurther deterioration in prices toward $70 or below for Brent put a 60-70% likelihood on a cut by some members of the group, and Russia might not be one of them,\u201d the note added.<\/p>\n

OPEC Secretary General Haitham Al Ghais said in April the 13 member Saud-led Organization of the Petroleum Exporting Countries and their 10 Russian-steered allies \u2014 collectively known as OPEC+ \u2014 weren\u2019t targeting oil prices but focused on market fundamentals.<\/p>\n

Al Ghais\u2019 comments came after OPEC+ announced an unexpected 1.7 million barrels per day output cut in April, on top of an existing 2M per day reduction decided in October. Both rounds of cuts provided little support to oil prices, which this week fell below $70 for and almost tested the same support for .<\/p>\n

Citi\u2019s analysts agreed somewhat with the OPEC secretary-general that this year\u2019s 13% drop in crude futures was fundamentally-driven, but stressed that any additional production cuts announced by the alliance would be price-driven.<\/p>\n

“It appears that the core members of OPEC \u2013 Saudi Arabia, the UAE and Kuwait \u2013 may decide that it is in their interest to at least remind the world that their domestic demand \u2013 especially in Saudi Arabia \u2013 increased starting in June and that exports are likely to tighten come what may,\u201d the Citi note said.<\/p>\n

\u201cAnd they might be moved to act with a further cut to remind markets that, with a rise in summer gasoline demand globally, further tightening might be in their interest for a month or two, providing an opportunity to see whether a summer gasoline season actually emerges.\u201d<\/p>\n

According to the math of the April cuts announced by OPEC+, the Saudis will take the lion\u2019s share of the cuts, with 500,000 barrels per day, or bpd. The United Arab Emirates would contribute 144,000 bpd, Kuwait would do 128,000, Oman 40,000 and Algeria 48,000. Kazakhstan will come up with 78,000 barrels daily while Iraq will reduce its production by 211,000 bpd.<\/p>\n

Russia is supposed to extend till the end of the year the 500,000 barrels a day it announced a month ago. However, Russian exports data suggest that Moscow is barely cutting and enhancing its oil shipments instead.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The outcome of Sunday\u2019s OPEC+ meeting will most likely be price-driven versus the alliance\u2019s hype that it isn\u2019t price-focused, analysts at Citigroup suggested in a note issued Thursday. \u201cWhat the 8 OPEC+ members, plus Russia, that committed to make output cuts for May actually do when they meet this weekend is likely to […]<\/p>\n","protected":false},"author":1,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-16978","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil: OPEC\u2019s action on Sunday will be price-driven vs. hype - Citi | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- The outcome of Sunday\u2019s OPEC+ meeting will most likely be price-driven versus the alliance\u2019s hype that it isn\u2019t price-focused, analysts\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=16978\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil: OPEC\u2019s action on Sunday will be price-driven vs. hype - 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