Morgan Stanley Sees OPEC Raising Crude Output by 1.5M Barrels/Day
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In a research note from Tuesday morning, analysts at Morgan Stanley predicted OPEC will boost its crude oil production by about 1.5 million barrels per day starting this summer.
The report comes ahead of an always closely-watched OPEC meeting in Vienna on Wednesday.
As several key OPEC officials have already suggested, the organization will likely increase output amid pressure from countries around the globe.
Crude oil prices are elevated, but have dipped below the psychological $100 per barrel level. Light, sweet crude oil on the NYMEX is down more than 4 percent since the beginning of June.
Morgan Stanley's Hussein Allidina said, "It is very likely that OPEC will respond to tightening inventories and higher prices by lifting production in either its upcoming meeting on June 8, 2011, or sometime this summer."
Crude oil is down about 0.6 percent to $98.40 per barrel Tuesday morning.
The report comes ahead of an always closely-watched OPEC meeting in Vienna on Wednesday.
As several key OPEC officials have already suggested, the organization will likely increase output amid pressure from countries around the globe.
Crude oil prices are elevated, but have dipped below the psychological $100 per barrel level. Light, sweet crude oil on the NYMEX is down more than 4 percent since the beginning of June.
Morgan Stanley's Hussein Allidina said, "It is very likely that OPEC will respond to tightening inventories and higher prices by lifting production in either its upcoming meeting on June 8, 2011, or sometime this summer."
Crude oil is down about 0.6 percent to $98.40 per barrel Tuesday morning.
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