OPEC Oil Output Deal ‘More Likely Than Not,’ Citigroup’s Morse Says

Ed Morse, the head of commodity research at Citigroup, believes that OPEC and Russia may reach an oil production reduction agreement.  The price of oil has dropped over the last few days after OPEC failed to agree on country quotas during their October 28-29 meeting in Vienna.  Morse stated that output will need to be cut by at least 1 million barrels per day because of Libya’s and Nigeria’s recent production increases.  Citigroup expects to see higher oil prices next year but believe higher prices will catalyze higher production.

Source: OPEC Output Deal ‘More Likely Than Not,’ Citigroup’s Morse Says – Bloomberg

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s