What Does The Next OPEC Meeting Have In Store?

Source: www.brotherjohnf.com --- Saturday, May 21, 2016
zerohedge.com / by Rakesh Upadhyay via OilPrice.com, on 05/20/2016 19:30 The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between saudiarabia and Iran . The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, saudiarabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. OPEC interactions have become a direct altercation between saudiarabia and Iran, with the remaining members reduced to mere observers. The new saudi oil minister, Khalid al-Falih, will be attending his first OPEC meeting, but experts doubt he will have the same clout and skills as the outgoing saudi oil minister, Ali bin Ibrahim Al-Naimi. “OPEC’s unity is now in the spotlight more than ever,” said an OPEC official. “Would we ever see a minister that carries the same weight as Naimi? I don’t think so, especially as it is clear now that decisions are in the hands of the deputy crown prince,” reports The Wall Street Journal. The Prince outlined his strategy in “Vision 2030”, and a major step in that direction is the listing of the state-owned oil company Aramco. READ MORE The post What Does The Next OPEC Meeting Have In Store? appeared first on Silver For The People . ...