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No freeze plan in place as OPEC June meeting looms

by ChemOrbis Editorial Team -
  • 05/05/2016 (13:36)
According to media reports, talks of a global crude oil production freeze at last month’s oil producers’ meeting in Doha is not likely to be revived in the scheduled June OPEC meeting as no proposal regarding an output freeze is on the table for now. Two delegates among OPEC representatives at Wednesday’s meeting in Vienna said that the necessity of a possible output freeze might be eliminated by some improvements in the oil market, which is currently trading above the $40/barrel threshold.

Oil prices gained ground despite the failure of the recent talks on an output freeze as US crude oil output fell for the eighth consecutive week to 8.83 million barrels per day (bpd) last week. Supply and demand may become more balanced due to these developments without any intervention by OPEC members.
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