Saudi Arabia is pumping record amounts of oil, and Iran is resuming production faster than expected — a strong sign neither is likely to easily entertain the idea of an OPEC deal to control production.
OPEC this week said it would hold an informal meeting on the sidelines of an Algerian energy conference in late September, and some members — mostly Venezuela — have been pushing for talks on a new pricing mechanism. Chatter about a possible OPEC deal at that meeting sent oil prices higher this week, but they were in sharp retreat Wednesday on reports of higher U.S. oil stockpiles and on news that Saudi Arabia’s production rose to a record 10.67 million barrels a day in July.
CNBC [1]
OANDA MP – Oil Slides on Inventory Data (Video) [2]
USD/CAD Canadian Dollar Higher Despite Oil Drop [3]
365 Days Later: China’s Yuan Falls Without the Horror Show [4]
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
- Bio [5]
- Twitter [6]
- Latest Posts [7]
Craig Erlam [8]
@@craig_forex [10]
Latest posts by Craig Erlam (see all [8])
- USD/CAD – Heading For a Correction? [12] - 02/26/2021
- Market Insights Podcast (Episode 169) [13] - 02/26/2021
- Week Ahead – Rising yields spook markets [14] - 02/26/2021