OPEC Divided on Oil Output Plans for Third Quarter

“The Saudis are doing all they can to be seen by the West to be doing something to lower prices,” said Youssef Ibrahim, managing director of Dubai-based Strategic Energy Investment Group. “OPEC will probably end up compromising and do nothing, but at least the Saudis and Kuwaitis can say they tried.”

The 10 OPEC members with quotas collectively pumped 640,000 barrels a day more than their combined quota of 27.5 million barrels a day last month, Bloomberg estimates. Saudi Arabia pumped 563,000 barrels a day more than its quota and Iran pumped 137,000 barrels a day less than its quota, according to Bloomberg. Iraq is the only OPEC member without a quota.

The Saudi minister, who was in Bergen, Norway, the world’s third-largest oil exporter, for talks with his Norwegian counterpart, Thorhild Widvey, told reporters that “there’s no shortage in the market.”
Bloomberg