Iran said it could compromise the forthcoming OPEC + meeting by supporting a slight increase in yield. However, experts are of the opinion that the forthcoming OPEC+ meeting will end with a disagreement between the individual members of the cartel as there is no unanimous opinion on the issue of the increase in yields. Saudi Arabia, along with Russia, Ecuador and Kuwait, are increasing the yield, while Iran Algeria and Venezuela are against. The three parties in question, which are an obstacle to an agreement, blame Donald Trump for raising prices by imposing a limit on their exports to the United States. It is logical for the three countries to chase a higher price given the limited exports to the world’s largest oil consumer.
Against the backdrop of a decline in US oil reserves, the price has stabilized, but is still under pressure. If on Friday OPEC+ members fail to reach an agreement, it is very likely that we will observe short-term upward impulses, then a sharp downturn, given that a large number of countries will undergo an increase in yield as a result of the race, who will offer a lower price and respectively, will realize more.
Trader Petar Milanov