After the losses of the previous day, the oil price on Tuesday morning increases again slightly. The possible easing of the OPEC funding limit is in focus.
Saudi Arabia and Russia want to promote more oil to counteract a possible bottleneck.
Investors have begun to price in the likely higher output. However, there is still no agreement at OPEC level.
In addition to Saudi Arabia and Russia, which want to increase production by a few million barrels / day, the USA also wants to increase its output. This should compensate for failures of Venezuela and Iran.
OPEC will meet in Vienna on 22nd June.
Meanwhile, record volumes of US oil are moving towards Asia in the coming months, which will reduce the market share of OPEC oil, and Russian oil in particular.
US oil production has increased 27% to 10.73 million barrels / day in the last two years. This puts the US ahead of Saudi Arabia. Only Russia is pumping more oil into the market with 11 billion barrels a day.
Text: HANSA Derivatives Trading GmbH / / Handelsblatt
