You are here

Opec seen backing Saudi plan to keep supplies up

Cut in investment by oil firms, peaking US oil output and higher prices favour the Saudis at Opec's June meeting

While there may be resistance at the Opec meeting, all but one of the 34 analysts and traders polled said Opec will maintain its daily production target of 30 million barrels, ratifying the Saudi strategy.


WHEN Saudi Arabia argues next week that the Organization of Petroleum Exporting Countries (Opec) should keep up production to fight the rise in US shale oil levels, prices will be on its side.

Crude plunged for eight of nine weeks prior to the group's November gathering, when