Don’t expect Saudi Arabia to back down when OPEC meets - MarketWatch

Don’t expect Saudi Arabia to back down when OPEC meets - MarketWatch: "“Saudi Arabia will say no change,” Brian Youngberg, senior energy analyst at Edward Jones, told MarketWatch.


Any meaningful OPEC production cut would have to be spearheaded by heavyweight Saudi Arabia. But the Saudis have made it very clear in the past year that they don’t want to lose ground in the oil market, especially as U.S. shale oil output remains strong. At a Thanksgiving time meeting a year ago, the group also left the production ceiling unchanged at 30 million barrels a day, where it’s stood since 2012.

“Smaller countries that are struggling will continue to plea for a change, but they have no say,” Youngberg said. And “Iran will reiterate its plans to bring production up in 2016 regardless of what OPEC says to do.”"



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