Bloomberg headline crossing, citing a delegate
Oil drops on the report from an unnamed delegate, cited by Bloomberg, that the OPEC hasn’t reached a new agreement on supply quotas.
Crude rallied yesterday on talk of new quota ceilings but late in the day, officials from Iran and the UAE poured some cold water on the idea.
At the December meeting, OPEC abandoned quotas but said output should remain around 31.5 million barrels per day. Surveys show output around 32.4 mbpd but flouting quotas is a long-held OPEC tradition.
Separately, BBG reports thtat OPEC has agreed to appoint Nigerian candidate Mohammed Barkindo as OPEC secretary general. He was the acting head in 2006 and previously ran Nigeria’s National Petroleum Corporation.
RTRS headlines now crossing confirming no change in OPEC policy and no ceiling