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Real-time News
Australian Labor Party MP Mars: The Labor Partys performance so far is encouraging.OPEC+ began holding online meetings to decide on oil production policy for June, sources said.On May 3, OPEC representatives said that major countries led by Saudi Arabia and Russia agreed on Saturday to increase production by 411,000 barrels per day next month. This is the second consecutive month that the alliance has accelerated the pace of supply recovery after an unexpectedly large increase in production in May. The organizations leaders are trying to punish member countries that violate quotas and overproduce in a strategic shift. Market analysts believe that this move may indicate that a potential price war is brewing. According to OPEC+ representatives, Saudi Arabia has become fed up with the long-term overproduction of countries such as Kazakhstan and Iraq. Jorge Leon, an analyst at Rystad Energy who once worked in the OPEC Secretariat, said, "OPEC+ has just dropped a bombshell on the crude oil market. Saudi Arabias move is both to punish unruly members and to cater to Trumps desire to see lower oil prices."According to Sky News: It is expected that the opposition coalition will not win enough seats to form a majority government in the Australian election.On May 3, OPEC representatives said that OPEC+ members agreed to increase production by 411,000 barrels per day in June. The OPEC+ meeting originally scheduled for next Monday was brought forward to Saturday, but it is not clear why the meeting was rescheduled. Four sources previously leaked before the meeting that the increase in production in June is likely to be similar to the amount agreed in May (411,000 barrels per day). The market also mostly expects the organization to increase production significantly again, with an increase similar to that in May. Scott Shelton, energy expert at UnitedICAP, said: "The market is now completely focused on OPEC, and even the tariff war has taken a back seat." Oil traders are ready for OPEC+ to increase supply. Oil prices fell more than 1% on Friday, and fell 8% this week, the largest weekly drop since March.
