Anna Spadafora

KPMG | Market Update: Oil & Gas - June 2018

Blog Post created by Anna Spadafora on Jun 28, 2018

OPEC and the oil market consensus

This Thursday, OPEC Russia cooperation seemed to become more durable when a preliminary decision of the Russia OPEC monitoring committee, to support the Russian proposal to increase production by 1 million bpd for discussion at the broader OPEC meeting on Friday, 22 June 2018.

This seems to reflect the oil market consensus that the growing demand for oil will absorb the increased production. The Brent oil price remains in the range of USD75 per barrel, comfortable for both producers and the consumers