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9 Jun 2014
OPEC expected to hold steady this week
FXStreet (Barcelona) - Independent Analyst Malcolm Graham-Wood reiterates his forecast that the OPEC will not introduce any changes in quotas at this week's meeting and shouldn't hold lengthy discussions on demand either.
Key quotes
“Demand is firm enough and the non-farm payrolls on Friday showed that that US economy is slowly picking up whilst China continues to increase imports including for strategic stocks.”
“On the supply side all is as I said last week, the nuclear talks in Geneva with Iran are heading to the July deadline with no sign of an agreement, indeed it is likely that it will be extended and no increase in exports will be allowed yet."
“If anything there may be a call on Opec of slightly higher than 30m b/d which might tighten the price.”
Key quotes
“Demand is firm enough and the non-farm payrolls on Friday showed that that US economy is slowly picking up whilst China continues to increase imports including for strategic stocks.”
“On the supply side all is as I said last week, the nuclear talks in Geneva with Iran are heading to the July deadline with no sign of an agreement, indeed it is likely that it will be extended and no increase in exports will be allowed yet."
“If anything there may be a call on Opec of slightly higher than 30m b/d which might tighten the price.”