The next meeting of the Organisation of the Petroleum Exporting Countries (OPEC), on 2nd June, is unlikely to be as interesting as the previous one in December, when the group decided to effectively abandon its oil production quota. We do not think that either Iran or Saudi Arabia will be willing to change their respective positions about a freeze in oil production, which should prevent any attempts to resurrect a deal. What’s more, the tension between those members who want to increase production and those who want to cut it will make it difficult for the group to agree on an output quota.
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