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OPEC producers are set to meet on 5th June in Vienna, Austria to discuss matters on crude supply. This meeting like previous few is not expected to bring any cooperation or relief to oil market.
Saudi Arabia may very well keep pumping at record in its bid to protect its market share mainly in Asia.
- Saudi Arabia boosted crude oil production for a second month to the highest level in at least three decades. Saudi increased output by 13,700 barrels per day in April to boost overall production to 10.308 million barrels/day.
With crude oil price rising and up around 40% from its bottom, OPEC leaders would feel more encouraged to boost production at record levels and pay lesser heed to Saudi Arabia's rise in production.
More producers are expected to join in Saudi Arabia's strategy to crowd out North African producers from Asian markets and to keep price low enough to make North American producers unprofitable at lower price.
- Lower oil price has pushed oil pushed active rigs in US even lower to 668, down 58% since December 2014.
Price of oil in spite of recent rally, likely to remain depressed over longer period, however weaker dollar would continue to provide necessary boost.
WTI is currently trading at $61.2/barrel and Brent at $67.2/barrel.
