Iraq and Venezuela see $75-80 as fair prices for oil
Previously, Saudi Arabia’s OPEC governor Mohammed al-Madi had reported that they did not think that oil prices would reach the $100-120/barrel threshold again in the foreseeable future.
Meanwhile, OPEC is expected to keep its output target steady when it meets on June 5 in Vienna, with this reluctance to cut output being partially attributed to expectations that non-OPEC oil producers would not follow the cartel’s production cuts.
Currently, NYMEX July crude is standing at around $59/barrel during intraday trading while July Brent crude is at $63.22/barrel.
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