Any reduction in oil supply unlikely – Blueprint Capital

FXStreet (Barcelona) - The Blueprint Capital FX team, comments that recent comments from Saudi Arabia suggest that the oil cartel might continue its record high production.

Key Quotes

“The gulf state has claimed it is winning the battle in the oil market as a recent resurgence in the fossil fuel has given them encouragement that they deterring investment from high cost rivals including US shale, deep offshore and heavy oils. With the next Opec meeting just a month away, and the Kingdom’s production reaching a record high of 10.3m barrels a day in April, it seems unlikely there will be any reverse in the oil cartels policy towards a reduction in supply.”