Here are the latest views from the 167th OPEC meeting members
The delegates have arrived at the meeting in Vienna and as per usual there's been a raft of headlines
Kuwait
- Should look at all possible options for oil output
Iran
- Says that there are not too many option on the table for a production decision
- Doesn't expect consensus for increase
- Not satisfied about current price level
- Price not good for many members
Iraq
- Optimistic about meeting on oil output
- OPEC has followed a good strategy which is why prices are rising
- Sees demand increasing and lifting prices
- Says OPEC to discuss boost in output target
- Sees fewer uncertainties at this meeting than last
Ecuador
- Says market is oversupplied
Saudi Arabia
- Iran is a member and can produce as much as they like
- Demand is growing and supply is diminishing
- Hopes improving market will continue
- Oil demand growth is from Asia
- Marginal producers output will fall with current prices
Mixed views as always from the members but interesting what the Saudis are saying about the demand/supply balance. That comment would be bullish for oil if not for the fact that the Saudis are top of the pile in wanting to keep output high (thus prices low) to secure their market share. Them noting the change could be an indication that they may look to raise output to keep the price down, by not letting demand eat into supplies
The main closed door meeting starts at 12.00 local time (10.00 gmt), and then we'll probably get a batch of headlines as they all exit the room. You can watch most of it here
As for the price of Brent, it looks like the timing sucked on my trade idea of shorting a rally into the meeting. It was on it's way down as I wrote the post and has fallen further
I've no interest in chasing it down here as I missed the choice entry point that would have given me a nice buffer to play with. I still see the price falling when the meeting ends and the talking starts but I'm unsure how much of a move that will bring. Oh well, at least it was a good trade in essence :-D