Saudi and Iran clash could ruin Opec’s party plans

Opec ministers head to Vienna this week for the 173rd meeting of the Organisation of Petroleum Exporting Countries. Global benchmark Brent crude prices are up almost 20% since the last meeting on May 25, 2017, while those for West Texas Intermediate — the US benchmark — (WTI) are up about 10%.

Opec ministers head to Vienna this week for the 173rd meeting of the Organisation of Petroleum Exporting Countries. Global benchmark Brent crude prices are up almost 20% since the last meeting on May 25, 2017, while those for West Texas Intermediate — the US benchmark — (WTI) are up about 10%.

Thursday’s gathering is likely to have a different tone than the last two Opec meetings because global oil demand has strengthened, inventories have tightened, prices are on the rise and trading technicals appear bullish.