Home/Newsfeed

OPEC Showdown: Oil Ministers Meet, at Odds over Strategy

Share Print 0

The world’s most powerful oil producing group is meeting in Vienna on Thursday but mounting tensions between the 13 members of the producer group – and the differing economic needs of each country – are expected to stymy any deal on output which could support oil prices.

OPEC ministers arriving at the organization’s headquarters in the Austrian capital on Thursday appeared to be at odds over what the bloc’s next move should be. While some such as Kuwait and Qatar appeared to lean towards the Saudi Arabian way of thinking – agreeing on the need for an output ceiling – others such as Venezuela and Algeria seemed to agree with Iran, which said an output ceiling must be accompanied by a country-specific quota system.

Other oil ministers, such as Nigeria’s, called for open-minded discussion and unity – something that has been in short supply at previous meetings.

CNBC

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
, ,
Back to Top