OGJ NEWSLETTER

Is another oil price slide on the horizon? Merrill Lynch worries that a near term drop in prices may be more severe than it earlier expected. Merrill Lynch projected a slip to $17/bbl after the recent OPEC Geneva meeting, but now says it may have been too optimistic. It cites reports of Iranian and Iraqi production topping quota by a combined 700,000-900,000 b/d in May. The only country making a significant cut in May was Saudi Arabia, Merrill Lynch says, which may renege in frustration.

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