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2 Jun 2015
OPEC Meeting Preview: Expect no change in cartel’s policy – KBC
FXStreet (Barcelona) - The KBC Bank Research Team comments on the oil market and further shares their expectations from the OPEC meeting.
Key Quotes
“After soaring by more than 4% on Friday, the oil price fell by about a percent yesterday and the front-month contract on Brent thus returned below 65 USD/bbl. The move was probably driven mainly by the strengthening US dollar but market positioning ahead of this Friday’s OPEC meeting could also have played a role.”
“Regarding possible outcomes of the meeting, our expectations are in line with those of market and we do not expect any change in the cartel’s policy.”
“Key members of the OPEC, namely Saudi Arabia and its Gulf allies, are likely to be happy with a swift reaction of US oil producers on the one hand and with relatively stronger growth of oil demand (vis-à-vis last year’s estimates) that has been spurred by low oil prices on the other. Let us recall that a combination of both factors led to about 13% increase in oil prices on a year-to-date basis.”
Key Quotes
“After soaring by more than 4% on Friday, the oil price fell by about a percent yesterday and the front-month contract on Brent thus returned below 65 USD/bbl. The move was probably driven mainly by the strengthening US dollar but market positioning ahead of this Friday’s OPEC meeting could also have played a role.”
“Regarding possible outcomes of the meeting, our expectations are in line with those of market and we do not expect any change in the cartel’s policy.”
“Key members of the OPEC, namely Saudi Arabia and its Gulf allies, are likely to be happy with a swift reaction of US oil producers on the one hand and with relatively stronger growth of oil demand (vis-à-vis last year’s estimates) that has been spurred by low oil prices on the other. Let us recall that a combination of both factors led to about 13% increase in oil prices on a year-to-date basis.”