OPEC agreed to a modest lift in output of 1,000,000 barrels per day (B/D) at the 7th OPEC International Seminar in Vienna. Further inspection reveals that the actual increase will be approximately 700,000 (B/D) due to capacity constraints, as some member countries don’t have the means to produce more oil. Traders will note that the delta of 300,000 (B/D) will be significant in real terms.
From:: Resource Investor