As widely expected, OPEC decided to leave its production quote at 30M bpd. Note that OPEC Secretary General Abdallah Salem el-Badri indicated at the press conference that the quote is now “an indicator” rather than a ceiling, implying the members may produce as much as they like. The decision affirmed OPEC’s strategy to compete for market share rather than price defense.
Continued here:
Weekly Fundamentals – OPEC: Crude Won’t Return to US$100/bbl
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