OPEC Seen Backing Saudi Arabia’s Plan to Keep Supplies Elevated
by Grant Smith and Maher Chmaytelli: Bloomberg.com: 27 May 2015
When Saudi Arabia argues next week that OPEC should keep up production to fight the rise in U.S. shale oil, prices will be on its side.
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut. With oil companies around the world cutting investment, U.S. output peaking and prices up, Saudi Arabia’s strategy will be extended at OPEC’s semiannual meeting on June 5, say Societe Generale SA and Bank of America Corp.
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