2012 June 14

The Master Resource Report 2012-06-15

Opec meeting this Thursday

“A year ago, Opec delegates held what Ali Naimi, the veteran Saudi oil minister, described as “one of the worst meetings we have ever had”. The signs are that the one scheduled to take place on Thursday could be almost as bad.” [Financial Times]

So what can be expected? Probably nothing other than the usual political struggles between rivals Iran and Saudi Arabia which won’t be solved by a minor tweaking of the Opec quota. It will be messy and nothing will change.