Opec: Saudis keen to pump more oil but cartel's other members not sold
As the Organization of Petroleum Exporting Countries (Opec) prepares to meet on June 22, its members are looking at a very different world than just a few years ago. The massive oil supply glut – and rock bottom prices – is gone. The global economy is stronger, fossil-fuel energy demand is at a record high, and the nuclear deal that allowed Iran, an Opec member, to start selling oil again is in tatters. After falling to sub-$30 a barrel in early 2016 for Brent, the global benchmark, and West Texas Intermediate, the US benchmark, oil prices have risen to about $76 and $67 a barrel respectively.