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Crude gains a marginal $0.17

Posted on: July 11, 2017

What did I tell you? As from earlier commentary I warned of some OPEC meeting headlines coming our way...well here they are. Nigeria and Libya, two OPEC production cut exempt members who have collectively added 440k barrels per day of additional crude in May and June, have been sent an "invitation" to join an OPEC meeting in Russia on the 24th.

Has the invitation even been accepted for that matter? You'll have to excuse my pessimism as it isn't the first time market optimism has been manipulated by media headlines and the very thought that Nigeria and Libya "may" attend this meeting increases prices, benefiting the group. It has been disclosed that the upcoming meeting will not be discussing any deepening in current production levels so at the very best, Nigeria and Libya would receive a cap on their currently high production, if that.

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