Market Update: Oil & Gas – June 2015 | KPMG | ID

Market Update: Oil & Gas – June 2015

Market Update: Oil & Gas – June 2015

The Organization of the Petroleum Exporting Countries (OPEC) continued its global market-share strategy by deciding to maintain the production ceiling at 30 million barrels per day (mb/d) during the 5 June 2015 meetings in Vienna. 

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The ceiling is slated to remain in place for the next 6 months until December 2015, when the next OPEC meeting is due to take place. The decision to maintain production levels was accepted with minimal opposition from Venezuela, Algeria and Nigeria, who have been severely hit by low oil prices since the last OPEC meeting in December 2014. OPEC also took the opportunity to approve Indonesia’s application to rejoin the oil exporters group, following a 7-year hiatus.

 

 

 

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