(Houston)

Oil has been doing absolutely wonderfully this year. The OPEC countries, in harmony with other big oil producers, have successfully worked together to undermine the competitiveness of the oil market and succeeded in boosting prices (okay, that was a little cynical, but true). Now, that dearth of supplies may be about to change, as OPEC is considering a boost of up to 600,000 bpd. There is considerable disagreement over the possible boost, with Iran wanting to maintain the status quo, and Russia wanting to raise it. Saudi Arabia also wants to boost supply, and the highest figure being pushed is an increase of 1.5 mbpd. Open meets on June 22nd.

FINSUM: This could have a considerable impact on the market. Investors in oil and oil-related equities be aware.