Opec's rollover: market tweaking in the hands of Saudi Arabia
Opec maintained its target ceiling, and the market barely reacted
The market is "adequately supplied", slower growth in the Chinese economy is of no concern and the rise of shale oil in the US poses no threat to Opec's producers, said its secretary general on 31 May, as the group rolled over its existing 30 million barrel a day (b/d) production ceiling. Analysts and Opec watchers expected the decision to keep the ceiling target unchanged, and the market barely reacted. Front-month Brent was soft on 31 May, selling for around $101.50 a barrel.Opec chief Abdalla El-Badri said the "relatively stability of prices" indicated that the market was well balanced. Members "should adhere to the existing ceiling", he said, but some of them "would, if required, take s
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