Daily oil and LNG price update (HOPEC)

The Brent oil price continues to rise on a sea of HOPEC, last night hitting $49 before settling at $48.89 as I write. Henry Hub is stable at $2.62mmBtu:

Reuters sums up the new HOPEC “freeze”:

OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.”However, if prices go down further, some OPEC members will try to send positive signals to the market to keep prices at least at current levels,” the source added.

…Iranian oil minister Bijan Zanganeh said in parliament last week he wanted to take the country’s output to 4.6 million bpd within 5 years – much above the current 3.6 million bpd and pre-sanction levels of 3.8-4.0 million bpd.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.