EIA Monthly reports OPEC on tap
Energy traders were also cautious ahead of separate monthly reports due out Tuesday.
- The Energy Information Administration will issue its report on the short-term energy outlook,
- while the Organization of the Petroleum Exporting Countries will release its report on the oil market.
OPEC members are also gathering in Vienna for a conference, ahead of an official meeting on production quotas set for Thursday.
The cartelâs president, Abdul al-Luaibi of Iraq, said that world oil markets were currently oversupplied and has led to a âsevereâ and rapid decline in oil prices, Platts reported Monday.
<b>OPECâs almost certain to maintain its official output ceiling at 30 million barrels per day at its meeting, wrote Julian Jessop, chief global economist at Capital Economics, in a research note Monday </b>.
Even so, âthis decision would not preclude some cuts in production in the coming months if demand continues to weaken, since actual output is well above its notional target,â he said. Read an OPEC preview.
Traders also digested Chinese economic data released over the weekend, which suggested weaker domestic conditions in May, but also showed surprising strength in exports and imports.
