OPEC meets this weekend and the size of an output increase is yet unclear but Saudi Arabia wants a larger share of the market, according to a Bloomberg report. Russia is pushing for a more-modest increase.
Moscow would prefer 137K bpd like in September while Saudi figures floated include 274K, 411K and 548K bpd. The numbers on the higher end of the spectrum would wrap up the ‘voluntary’ cuts by year end.
That would only leave a dubious 2 mbpd in spare capacity from the group, which many claim is optimistic and can’t be quickly tapped, if at all.
