Market Awaits OPEC Decision

By : Wiyanto Dan Aldo Bella Putra | Wednesday, June 20 2018 - 16:30 IWST

OPEC (Foto Ist)
OPEC (Foto Ist)

INDUSTRY.co.id - Jakarta - Market interest in oil is dwindling as expectations that OPEC and Russia will ease production restrictions to offset declining Venezuelan production and production disruptions in Iran.

"Although the increase in production is likely to have been reflected in prices, oil remains at a steady pace if the OPEC meeting in Vienna does not result in a breakthrough," said Lukman Otunuga, Research Analyst at FXTM in Jakarta, Wednesday (6/20/2010).

WTI crude is currently bearish on daily chart. The price flashed down $ 65.00 this afternoon. Drops repeatedly below this level can make the bears shoot $ 64.30 then $ 64.00.

He said Iran, Venezuela and Iraq are expected to reject Saudi Arabia and Russia's decision to increase production.

"The dispute among cartel members in this discussion could spark concerns about the future of the OPEC production trimming agreement," he said.

News Comment

Today's Industry

Bentley Systems Announces the Availability of OpenBuildings Station Designer

Minggu, 19 Mei 2019 - 14:58 WIB

Bentley Systems Announces the Availability of OpenBuildings Station Designer

Bentley Systems, Incorporated, the leading global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, today…

Ponemon Institute

Selasa, 16 April 2019 - 11:16 WIB

2019 Ponemon Study on Automation and Cybersecurity Staffing in Asia Pacific, United States and the UK shows an evolving Asia Pacific cybersecurity arena

2019 Ponemon Study on Automation and Cybersecurity Staffing in Asia Pacific, United States and the UK shows an evolving Asia Pacific cybersecurity arena

Hypertherm software

Selasa, 16 April 2019 - 10:57 WIB

Hypertherm Unveils New Home for Cam Software Content

Hypertherm unveils new home for CAM software content HANOVER, N.H. — April 16, 2019 — Hypertherm, a U.S. based manufacturer of industrial cutting systems and software, is unveiling a brand-new…

Etihad Airways airline (Foto Ist)

Kamis, 11 April 2019 - 12:44 WIB

ETIHAD AIRWAYS TO INTRODUCE BOEING 787 ON SERVICES TO KUALA LUMPUR AND BRUSSELS

ETIHAD AIRWAYS TO INTRODUCE BOEING 787 ON SERVICES TO KUALA LUMPUR AND BRUSSELS

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions

Kamis, 11 April 2019 - 12:34 WIB

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions