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Russia blames OPEC for the excess oil supply

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Former Russian deputy PM and Rosneft chief was on the wires today stating the excess oil supply in the global economy is mainly due to OPEC’s overproduction.

    He added that coordinated cuts by all producers by one million barrels per day (bpd) would significantly help prices.

    Key Quotes

    Iranian oil output could rise to 5-6 million bpd by 2020-25

    Would make sense for oil price to rise to $100 before privatizing Rosneft
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