• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 mins "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 13 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 10 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 17 days Сryptocurrency predictions
Oil Price Cap Unlikely To Hurt Russia’s Revenue

Oil Price Cap Unlikely To Hurt Russia’s Revenue

Skepticism about the effectiveness of…

Escalating Protests In China Add To Oil Market Volatility

Escalating Protests In China Add To Oil Market Volatility

Lockdown protests in Guangzhou escalated…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Unlikely To Open The Oil Taps In June

OPEC probably won’t decide in June to bring back more oil supply, because the cartel and its allies will be watching the ongoing geopolitical events that could impact broader global growth, David Lennox, resources analyst at Fat Prophets, told CNBC on Tuesday.

Reports that Russia and Saudi Arabia are considering increasing oil production to ‘ease supply concerns and market anxiety’ sent oil prices plummeting last week, ending Monday at their lowest since May 8.

Talk of OPEC possibly discussing bringing back some production as soon as the June meeting in Vienna has only grown in the past few days.

“They probably won’t do anything in June, they’ll just stay pat at this point of time, because there are a lot of other geopolitical events going on around the globe that could have an impact on broader global growth,” Lennox told CNBC.

They will probably “sit pretty much pat”, but they will continue with the rhetoric “we are watching very closely” the market and the oil price, the analyst noted, referring to OPEC.

If OPEC, however, sees Brent Crude persistently getting higher toward the $80 a barrel region, the cartel perhaps would take some action to bring more supply, but this won’t happen in June—it would take place in one of the following meetings, Lennox told CNBC. Related: There’s No Getting Around Iranian Sanctions

At 11:40 a.m. EDT on Tuesday, Brent Crude was down 0.13 percent at $75.22, while WTI Crude was down 1.93 percent at $66.57.

Fat Prophets are keeping their year-end target on Brent at $74 to $84, because a really strong driving season in the U.S. could perhaps make up for some of the possible slack on the supply side, Lennox said.

The market is currently focused on the supply side, but demand factors with the summer coming in the northern hemisphere will perhaps help strengthen oil prices, according to the analyst.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News