Iraq and Venezuela see $75-80 as fair prices for oil
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Iraq and Venezuela have stated that $75-80/barrel was a "fair" price for oil during an Organization of Petroleum Exporting Countries’ (OPEC) seminar in Vienna. It was also reported that this opinion could reflect an emerging consensus among some OPEC members, who had previously centered on $100/barrel as the fair price of 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.
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Longest-ever rally staggers in Turkey’s PVC market
- Upstream keeps China PET afloat; prices hit 11-month high
- Import PVC uptrend loses momentum in Asia; is the 9-month rally coming to an end?
- Tightness brings further price hikes in African PP, PE markets
- European PP hits new highs after 3-digit hikes for January
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
